Gold fluctuates and pulls back, followed by a decline!

昨日

Gold experienced 5 gains in September, let's take a look at the gold trend in October for analysis.

First, the world situation:
Gold fell to a three-day low below $2,650 after the U.S. Bureau of Economic Analysis (BEA) reported that inflation in September was close to the Federal Reserve's (Fed) target. Despite expectations of further interest rate cuts from the U.S. Federal Reserve, gold prices were depressed as traders likely took profits. Currently, XAU/USD is trading at $2,657, down nearly 0.50%.

Earlier, the Bureau of Economic Analysis announced that the Fed's preferred inflation measure, the Personal consumption expenditures (PCE) price index, moved toward its 2% target in August. Core personal consumption expenditures also rose slightly from July.

There is also a point to note that the non-farm data released on Friday will also have a small volatility impact on gold.

Trends:
Gold in the completion of 5 waves of gains, H4 framework overall upside. Let us wait and see the recent correction in gold prices.

Technical analysis:
Based on the resistance and support areas for gold prices under the H4 framework, I think the following key areas are important:

Resistance :2685,2700
Support :2640, 2625, 2580

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