Gold Rejected at 4,150 Channel Resistance, Heads Back…
By Karthik Subramanian
AI summary of the source article
Gold reversed down from its 4,150.00 resistance zone and is expected to decline toward the 3,870.00 support level. The drop is driven by a technical reversal pattern and expectations of further Federal Reserve rate hikes.
Key facts
- Gold reversed downward from a resistance zone around 4150.00, forming a daily Bearish Engulfing candlestick pattern.
- The metal is expected to fall toward the next support level at 3870.00.
- Bearish sentiment across precious metals is being driven by investors pricing in additional Federal Reserve rate hikes.
Source excerpt · FinanceFeeds
Gold can be expected to fall further toward the next support level 3870.00 (which stopped the earlier downward impulse at the start of November). Gold reversed from resistance zone Likely to fall to support level 3870.00 Gold recently reversed down from the resistance zone between the resistance level 4150.00 (former support from the start of October, as can be seen from the daily Gold chart below…