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XAUUSD, Time frame: 4H, Tools: SMA100Gold Technical Analysis
Gold continues to trade within a sideways range, with support near $4,070 per ounce and resistance around $4,230. The chart shows this consolidation unfolding within a broader downtrend. The following technical factors provide further insight:
Overall, gold continues to trade sideways, with attention focused on how prices respond to resistance at $4,230 and support at $4,070.
Gold Fundamental Analysis
Gold fell around 1.3% in Wednesday’s session to settle near $4,104 per ounce, before recovering all those losses today to trade around $4,160.
The rebound was supported by a weaker U.S. dollar and lower oil prices. Yesterday’s inflation data came in above expectations, increasing bets on a U.S. interest rate hike. Attention now turns to the Producer Price Index (PPI), due later today, with monthly producer price inflation expected to rise to 0.6% in September, up from 0.4% in August.
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