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Gold Appears Set To Take Out September Low

ByFawad Razaqzada
Published 10/20/2022, 11:51 AM
Updated 03/11/2024, 07:10 AM

Gold prices have risen along with equity markets today. But nothing has changed fundamentally to suggest it is going to make a major comeback yet. So I reckon it will head lower again after this latest bounce.

Gold 2-Hour Chart
Source: TradingCandles.com and TradingView 

Indeed, the very fact it has bounced ahead of its prior low makes it look suspicious to me. It is like gold is trying to look bullish in order to tempt more bulls to buy gold near support before the market dumps the metal to take trapped long stops resting below the recent swing low circa 1615.

That area will be the downside target for the bears.

I could be wrong, of course, but with US 10-year bond yields well above 4% and the Fed continuing to remain hawkish, it is challenging to turn positive on gold in the short-term outlook and in this market environment. That’s why I am taking it from one level to the next and moving on to the next opportunity.

Latest comments

You do realize the Fed is LYING when they claim that they are fighting (officially) 8-percent inflation with 3-4-percent interest rates? And that, lying openly with people like this analyst and the MSM doing propaganda for the Fed? Hello? 8-4=NEGATIVE 4 PERCENT INTEREST RATE!
funny we keep king these predictions of gold yet its been 1600s for a long time. much more likely is 2000 as economy collapse and gold a safe haven for investors of SPY @ 300
hahahaha paper price. good luck getting 1oz .9999 pure Swiss gold for $1625 $100-$200 over spot. fake news and manipulated bz JPM, BIS, The FED and US Govt protecting their monopoly money US dollar. when a black swan event occurs...that $1625 price will be 2500+ over night
what about the double bottom we have on 4h
what about the double bottom that we have on the 4H
1450 incoming for gold
Never say you could be wrong or you don't have an opinion.
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