Update $XAU on 30/9:
Gold prices in the previous session saw a fairly strong rebound from the bottom zone after facing heavy selling pressure earlier in the week. The rebound was driven by oil prices cooling off, U.S. Treasury yields falling back again, and the increasing pressure from the USD being eased—thereby helping Gold regain part of its buying demand. Reuters reported that Spot Gold rose by about 1% in the session on 29/09 after hitting the lowest level in seven weeks.
In terms of technicals, the 4100–4150 zone is currently becoming a notable support area after the sharp sell-off. If Gold continues to hold this area and forms a recovery structure on H1/H4, the possibility of another upward move is entirely plausible.
Gold prices in the previous session saw a fairly strong rebound from the bottom zone after facing heavy selling pressure earlier in the week. The rebound was driven by oil prices cooling off, U.S. Treasury yields falling back again, and the increasing pressure from the USD being eased—thereby helping Gold regain part of its buying demand. Reuters reported that Spot Gold rose by about 1% in the session on 29/09 after hitting the lowest level in seven weeks.
In terms of technicals, the 4100–4150 zone is currently becoming a notable support area after the sharp sell-off. If Gold continues to hold this area and forms a recovery structure on H1/H4, the possibility of another upward move is entirely plausible.
