Gold Drops Out of October Range, 4,000 Now in Focus – 22…
By Karthik Subramanian
AI summary of the source article
Gold recently broke below its 4,095.00 support level, which served as the lower boundary of its October trading range. The commodity is expected to fall further toward the 4,000.00 support level amid rising Federal Reserve rate-hike expectations.
Key facts
- Gold broke below the 4,095.00 support level, marking the lower boundary of its early October sideways range.
- The breakout extended an active primary correction moving within a daily down channel from September.
- The price is expected to fall toward the next support level at 4,000.00.
Source excerpt · FinanceFeeds
Gold can be expected to fall further toward the next round support level 4000.00 (which reversed the price multiple times in July and August). Gold broke support level 4095.00 Likely to fall to support level 4000.00 Gold recently broke the support level 4095.00 (lower boundary of the daily sideways price range from the start of October, as can be seen from the daily Gold chart below). The breakout…