A shift in sentiment among Gold traders was observed, as they leaned towards selling positions in anticipation of a more hawkish Federal Reserve stance. As expected, the Federal Reserve's actions resulted in a notable uptick in the 10-year yield, reaching a 16-year high of 4.5660%, and a corresponding strengthening of the US dollar to levels last seen in November 2022.
Taking a closer look at the 4-hour chart for Gold futures, it becomes apparent that bearish sentiment currently dominates the market. Resistance is firmly established at the $1943 level, and a recent bearish crossover on September 25, 2023, has affirmed the prevailing downtrend. Should Gold futures fail to defend the immediate support at $1888, it may serve as a secondary confirmation of the ongoing decline, which was first signaled by the breach of the $1918 support level.
It is anticipated that if Gold futures remain below $1902, the likelihood of a substantial downward movement will increase, potentially targeting the $1864 level.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Taking a closer look at the 4-hour chart for Gold futures, it becomes apparent that bearish sentiment currently dominates the market. Resistance is firmly established at the $1943 level, and a recent bearish crossover on September 25, 2023, has affirmed the prevailing downtrend. Should Gold futures fail to defend the immediate support at $1888, it may serve as a secondary confirmation of the ongoing decline, which was first signaled by the breach of the $1918 support level.
It is anticipated that if Gold futures remain below $1902, the likelihood of a substantial downward movement will increase, potentially targeting the $1864 level.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.