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Gold rises slightly as October Fed hike expectations fade

The metal remains capped below a bear-trendline area around $4,211, and analysts say confirmation could come from a break of $4,120 and $4,100.

Reported · Written up by our desk · Precious Metals

Gold ticked higher on Monday, supported by fading expectations for a Fed rate hike in October, though attempts to recover from Friday’s post-NFP losses have remained limited, according to Action Forex.

The report said gold is still trading below trendline resistance within a near-term consolidation range above a new multi week low, with daily studies staying in a bearish configuration that favors bearish continuation after the consolidation phase.

To confirm the negative setup, the outlet highlighted a break of the $4,120 level and $4,100 round figure, which would help unmask key support around $4,000.

Alternatively, a sustained move above the bear-trendline near $4,211 would ease downside pressure, while a lift above the congestion top at $4,225 would be needed to confirm an initial reversal signal, Action Forex added.

Latest closeGold $4,172.10 ▼0.7%

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