Gold (XAUUSD) Bearish Momentum Slows Down
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Gold (XAUUSD) Bearish Momentum Slows Down

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Azeez Mustapha

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Market Analysis- October 6

Gold (XAUUSD) bearish momentum slows down. The sell traders, who had been driving the price steadily lower, are now struggling to maintain their grip on the market. This week has indeed been marked by a robust bearish run. However, it appears that the bearish strength is gradually diminishing as sellers approach the critical 1808.980 significant zone. The buyers also see an opportunity to exert influence on the yellow metal, introducing an element of intrigue into the market.

Gold (XAUUSD) Key Levels

Demand Zones: 2064.800, 2010.00
Supply Zones: 1881.950, 1822.050

Gold (XAUUSD) Bearish Momentum Slows Down

Gold (XAUUSD) Long-Term Trend: Bearish

The battleground became apparent above the 1881.950 significant zone, where the market temporarily paused to ponder its next move. Buyers, displaying resilience, attempted to engineer an upward pull. But their efforts faltered upon reaching the 1953.550 significant level. The Moving Average Crossing (MA crossing) indicator confirmed this pivotal juncture became the catalyst for sellers. The selling pressure intensified, leading to a further breakthrough below the 1881.950 price zone this week.

Now, all eyes are on the 1808.980 key level. This could potentially establish itself as a formidable resistance point as sellers set their sights on a breakthrough. However, it’s essential to note that the waning bearish strength may pave the way for a temporary decline. It is likely to offer buyers an opportunity to stage a comeback in the gold market.

The Stochastic RSI (Relative Strength Index) indicator provides some insight into the potential for a reversal. It suggests that the bearish trend may experience a temporary stretch.

Gold (XAUUSD) Bearish Momentum Slows Down

Gold (XAUUSD) Short-Term Trend: Bearish

On the 4-hour chart, the price remains trapped in a phase of accumulation, with traders biding their time for a potential breakout. The direction of this breakout, whether upward or downward, remains uncertain, adding an element of suspense to the market.

 

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