Overall Trend: The broader short-term trend remains bearish, with prices still trading below the 4200–4210 zone, keeping selling pressure in place.
Any current upward moves are considered corrective rebounds within the broader bearish trend unless the 4200–4210 zone is broken and price closes clearly above it.
On the other hand, holding above the 4116–4101 zone may support further short-term upside correction.
Momentum: Gold has shown a clear improvement in short-term bullish momentum following the strong rebound from 4067. However, the price has started to retreat after testing the 4200–4210 zone.
The broader trend remains bearish as long as prices trade below the major resistance zones. Continued downside correction may lead to a retest of nearby support levels, while a breakout and clear close above 4210 could support further upside correction toward the next resistance levels.
Potential Support and Buying Zones: 4149–4142 4137–4130 4123–4114 4103–4096
A clear break and close below 4096 could restore selling pressure and open the way toward: 4079 → 4062 → 4046
Potential Resistance and Selling Zones: 4204–4211 4222–4230 4241–4248 4257–4265
A clear breakout and close above 4265 would strengthen the possibility of an extended corrective rebound toward: 4284 → 4302 → 4317
KEY LEVEL 4116–4101
Holding above this zone: Supports the continuation of the upward correction toward higher levels, while the broader bearish bias remains intact below the major resistance zones.
A break and clear close below this zone: Supports the possibility of further downside toward the next support levels.
Market Factors: Markets are trading amid the Columbus Day holiday in the United States. The US bond market is closed, while US stock markets remain open, which may affect liquidity conditions and price movements. Gold is currently benefiting from a weaker US dollar and lower oil prices, amid geopolitical developments related to an announced energy truce between Russia and Ukraine. Investors are turning their attention to the US inflation data expected on Wednesday, which could influence interest rate expectations and movements in the US dollar. With relatively lower liquidity today, traders should remain cautious of false breakouts and sudden price movements.
Disclaimer: Avoid entering trades without clear confirmation signals. Always adhere to proper capital management, stop-loss placement, and risk management.