You can also read this news on BH NEWS: Gold Struggles to Maintain Gains, Dips Within $4,100 to $4,150 Range Gold prices showed fleeting recovery efforts in daytime trading, yet the overall t
You can also read this news on BH NEWS: Gold Struggles to Maintain Gains, Dips Within $4,100 to $4,150 Range
Gold prices showed fleeting recovery efforts in daytime trading, yet the overall trend remained bearish. Recent market data indicated that gold fluctuated between $4,100 and $4,150, highlighting the continued volatility in the market.
According to Investing, gold was trading at $4,133 at the last closing. Although this marked a $7.52 or 0.18% rise on the day, the price previously hovered above $4,180. Intraday speculative buying managed only a temporary lift, failing to restore the price sustainably to its former range.
During the day, the market hit lows near $4,110. The subsequent buying pushed the price back to $4,133, yet did not establish a lasting upward trend.
Gold, despite short-lived intraday recoveries, was unable to reclaim its previous trading range, stabilizing around the $4,100 mark.
TradingView’s daily chart revealed the preservation of a bearish trend over a longer timeframe. Retreating from March’s heights above $5,200, gold moved into lower trading bands over subsequent months, returning to approximately $4,100 in October.
August saw a slight recovery toward $4,600, but September’s renewed selling momentum wiped out these gains. The latest daily candlestick recorded highs and lows at $4,147.10 and $4,111.60, respectively.
The Chaikin Money Flow indicator measured at -0.06 indicated cautious money flow. Nevertheless, it is acknowledged that this gauge alone doesn’t decisively predict future price directions.
TradingEconomics reported gold at $4,122.20, representing a daily decline of $18.70 or 0.45%. A five-minute chart displayed gold’s swift movement within the $4,110 to $4,150 range.
Price discrepancies between platforms were attributed to real-time data snippets and chart settings. Nevertheless, all three platforms converged on depicting gold’s prices near the $4,100 to $4,150 area over the same timeframe.
Even with differing price displays from various data providers, gold transactions concentrated within the $4,100 to $4,150 band.
In the short term, the $4,110 to $4,120 range has emerged as a critical support zone. A breach below this level could intensify selling pressure. However, current charts do not confirm a definitive break below this area.
Conversely, the $4,140 to $4,150 area stands out as a near-term resistance range. A more robust short-term recovery would necessitate gold establishing itself above this band. The $4,200 level seen earlier in the week continues to serve as an additional reference point in the market.
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