🏆 [Weekly] Is Gold’s Rally Done or Just Paused? Here’s What Charts & Fed Tell Us 👇
🔷Technical Snapshot
Gold has pulled back sharply from summer highs near $4,700 and trades around $4,285.
On the daily chart, price has fallen below the 20 SMA at $4,351 and is testing support at the lower Bollinger Band. Daily RSI is 46.61 a cooling momentum.
The 1-hour chart shows a small recovery. A short term relief bounce. Gold bounced from $4,240 and is pushing toward the 1-hour 20 SMA.
RSI rose to 54. This bounce lines up with a slight pullback in the US Dollar.
🔷 The Big Headwind - The Fed
Why the broader drop? It comes down to the Federal Reserve. After the September 16 rate hike to 3.75%–4.00%, markets see rising risk of another hike in October.
Higher rates make zero-yield gold less attractive to hold.
🔷 Strong Support Remains
Even with ETF outflows, the bull case has not disappeared. Central banks keep buying gold at record speed to diversify reserves. That creates a solid floor under prices.
🔷 What Comes Next
All focus is on upcoming US data , CPI and jobs numbers.
🔥 Hot data = Higher chance of Oct hike → Stronger USD → More pressure on gold
❄️ Cool data = Fewer rate bets → Weaker USD → Gold may retest $4,350 or 4000 resistance
Are you buying the dip or waiting for clearer Fed signals? Share your thoughts below! 👇
Not financial or investment advice. Do your own due diligence 😊.
$Gold.com(GOLD.US)
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