Update $XAU on September 29:
Yesterday’s gold price continued to see a very strong down-move, at times breaking through into around the 4100 area, amid geopolitical tensions and especially conflicting information related to the US–Iran negotiations, which has made market sentiment extremely cautious.
From a technical perspective, the decline into the 4100 zone is currently bringing prices back toward a very notable support area. This is also the area where Gold is approaching again a previously established downward trendline, while the H4 timeframe has entered an oversold state after the sharp sell-off.
Therefore, although short-term selling pressure is still quite strong, I believe the 4100–4150 area could see a rebound/relief reaction. However, the point to note is that upward momentum has not truly appeared yet, especially when the positive news from the US–Iran negotiations is still not clear enough. The market is currently reacting very sensitively to every new piece of information and could continue to see sharp volatility swings.
$XAU
Yesterday’s gold price continued to see a very strong down-move, at times breaking through into around the 4100 area, amid geopolitical tensions and especially conflicting information related to the US–Iran negotiations, which has made market sentiment extremely cautious.
From a technical perspective, the decline into the 4100 zone is currently bringing prices back toward a very notable support area. This is also the area where Gold is approaching again a previously established downward trendline, while the H4 timeframe has entered an oversold state after the sharp sell-off.
Therefore, although short-term selling pressure is still quite strong, I believe the 4100–4150 area could see a rebound/relief reaction. However, the point to note is that upward momentum has not truly appeared yet, especially when the positive news from the US–Iran negotiations is still not clear enough. The market is currently reacting very sensitively to every new piece of information and could continue to see sharp volatility swings.
$XAU