FX.co ★ XAU/USD, GOLD

Gold Technical Outlook: The current trend analysis of gold prices is still open to debate. At this stage, I have executed all trading strategies, including long-term strategies based on the daily chart. The process began with a price movement indicating a bullish absorption. Subsequently, the price broke through the 100% Fibonacci level and reached 161.7%, strengthening my position. As a result, the price continued to rise to 4707.09, but so far, no major technical corrections have been observed. We are waiting for the market reaction to the crude oil inventory and September housing sales statistics, which are scheduled to be released at 5:01 p.m. and 5:29 p.m. Moscow time, respectively. In particular, the hourly chart shows bearish candlesticks and a localized "evening star" pattern, which I expect to draw a strong reaction from short-term traders. As I have repeatedly stated, any dips in price should be seen as a buying opportunity. Many traders are expecting a dip in price because continuous growth is unsustainable.

However, gold has been performing well, hitting a new all-time high of $4707.09 today before cautiously declining to $4698.27. The 15-minute chart shows an uptrend, suggesting the possibility of further gains towards $4728.94. If the 15-minute chart turns bearish, we will assess the possibility of a decline. A drop below $4691.44 would trigger a decline into the bearish zone on the 1-hour timeframe (1-hour pivot point: $4683.30 - $4672.92), which could then rebound. Gold's bullish momentum continues, with a new all-time high of $4697.92 today. As mentioned earlier, the market has entered a new phase, which is usually followed by a correction period. While the lower target of this phase has been achieved, gold may slightly test the upper channel around $4728.94.