#Gold Market Insights and Trends for October 4th 2023

Today's sentiment regarding #Gold indicates a prevailing bias towards a downward trend. As traders and analysts closely monitor market movements, it has become evident that during the Asian trading session, the price of gold has dipped to a notable low of 3995. This downward movement raises several considerations for market participants, particularly in the context of potential pullbacks and price rejections.

Given the current market dynamics, a pullback to the established supply zone appears to be a highly likely scenario as we transition into the next trading session. This supply zone, characterized by previous price action where sellers have entered the market, is critical for understanding potential resistance levels.

Additionally, the interplay between the New Session low and the Asian session high will be crucial in determining future price movements. Traders should pay close attention to these levels, as they are often pivotal points where we may witness a rejection of prices at the 3995 mark. Such rejections can serve as indicators of market sentiment, potentially leading to further declines in price if bearish momentum continues to dominate. Overall, the current outlook for gold necessitates careful observation and strategic planning as we navigate through these fluctuations in the market.

Chris

Thetradingmentors | Trader