21:05 UTC
Downtrend, consolidating near lows · RSI 46 · price 4,101.13
Lower highs since April, flat floor at 4000.
Gold has been in a multi-month downtrend since the mid-April peak near 4889, shedding roughly 900 points into the June low at 3959 and holding below a falling EMU(50). The last six weeks are a tightening consolidation between 4000 and 4165, with price coiling near 4100 into Wednesday's FOMC as the oil-led inflation scare fades on the US-Iran pause. Repeated defence of 4000 has kept the range floor intact while lower highs cap rallies below 4200.
Support: 4,000.00, 3,959.00
Resistance: 4,165.00, 4,200.00
What it said to watch
- Daily close below 4000 key support opens the path back to the 3959 swing low
- Daily close above 4165 prior high challenges the 4200 ceiling and breaks the descending highs
- FOMC decision Wed 18:00 UTC is the dominant catalyst and could resolve this coil either way