According to real-time online trading data from GoldPrice.org and technical analysis from FXEmpire, the spot gold price is currently positioned around $4,140 per ounce.
Pressure for a correction increased despite the disappointing September US non- farm payrolls (NFP) report, which showed only 29,000 new jobs (much lower than the forecast of 90,000) and the unemployment rate rising to 4.2%.
Although the probability of the Fed raising interest rates at its October meeting has cooled to 21.6% on the CME FedWatch tool, the surge in 2-year Treasury yields above 4.84% and 10-year yields approaching 5.30% directly increases opportunity costs, crushing the attractiveness of non-yielding assets.
From a technical analysis perspective, gold's failure to break through the $4,200-$4,203/ounce resistance range is strengthening the selling position.
Analysts from FXEmpire assess that the 4,103-4,111 USD/ounce level (78.6% Fibonacci retracement) is a critical short-term support zone. A break below 4,103 USD would risk a further correction to the 4,000-4,020 USD range and even further to the June low of 3,942 USD/ounce.
Conversely, buyers need to push the price above the 20-day moving average ($4,285) and the 50-day moving average ($4,326) to restore equilibrium.
In sync with the downward trend of gold, the spot silver market retreated to around $60.37 per ounce, testing the technical resistance level of $60.00 as the Gold/Silver ratio climbed past 68.50. A loss below $60 could see silver prices fall back to the $56-57 per ounce range.
Meanwhile, spot platinum prices slipped to $1,682 per ounce (breaking through the $1,700 mark) under selling pressure from the palladium market (-1.8%) and the recovery in crude oil prices.
International financial analysts believe that volatility in the US debt market, along with further guidance signals from the FED, will be the main factors determining whether the $4,103 Fibonacci level will be strong enough to prevent a sell-off or force gold to delve deeper into a cycle of testing previous lows.
Source: https://dttc.sggp.org.vn/gia-vang-the-gioi-lui-ve-moc-4140-usd-post138051.html
