Gold Weakens After Sellers Defend $4,160 Resistance Zone!
$Gold - main 2512(GCmain)$ $XAU/USD(XAUUSD.FOREX)$
Technical Analysis: Gold Weakens After Sellers Defend $4,160 Resistance Zone!
Gold shows initial signs of consolidation following a strong rebound. The near-term outlook has turned bearish as prices currently trade below the 21-, 50-, and 100-period simple moving averages (SMA) on the 4-hour chart, indicating waning bullish momentum.
On the downside, the psychological $4,000 level remains a crucial support zone where dip buyers have been active in recent trading. A decisive break below this area could trigger a deeper pullback toward the $3,900 region.
On the upside, the 100-period SMA near $4,090 presents immediate resistance, followed by $4,160. A sustained break above this zone would open the path toward the $4,200 level. However, unless bulls achieve a decisive breakout, stronger selling pressure may emerge.
Keep an eye on resistance near $4,160 at Monday's open. For trading, maintain a short-term focus on selling positions!
Financial chart displays gold price movements over time with candlestick patterns in green and red bars showing price fluctuations. Red and green curved lines represent moving averages. Horizontal lines mark key levels at 4160 4090 4000 and 3900 with arrows indicating resistance and support zones. Vertical axis shows prices from 3900 to 4200 and horizontal axis lists dates from October 17 to October 30.
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