Key facts
- XAU/USD price (1d close): $4,130.91
- XAU/USD week change: −1.10%
- XAU/USD month change: −6.07%
- XAU/USD RSI 14 (1d): 36
- XAU/USD EMA 9 (1d): $4,169.84
Gold is under pressure, and the dollar's firmness is a big part of the story.
XAU/USD closed at $4,130.91, down −1.10% on the week and −6.07% on the month, as a firmer dollar weighed on the metal. Fading bets on an October Fed cut and cautious guidance ahead of the FOMC minutes may be adding to the pressure. Price sits below its EMA 9, EMA 20 and EMA 50, a bearish alignment that could keep sellers in control near term.
Gold closes at $4,130.91, down for the week and the month
XAU/USD fell −1.10% on the week and −6.07% on the month, closing at $4,130.91.
The pullback follows a broader risk-off tone in currency markets as the dollar firmed.
A firmer dollar and fading October rate-cut bets weigh on gold
Soft data meeting cautious Fed guidance has reportedly dented bets on an October rate cut, which may be reducing near-term support for gold.
A firmer dollar across Asia-Pacific trade adds to the pressure.
Traders may watch FOMC minutes and key support near $4,118.07
This week's FOMC minutes and US jobless claims data could help clarify the rate path and influence gold's next move.
Whether price holds above $4,118.07 may be in focus for traders assessing near-term direction.
The chart right now
- Resistance: $4,166.13
- Support: $4,110.87
What to watch
- FOMC Minutes, Wed 7 Oct 18:00 UTC: guidance on the rate path could shift dollar strength and swing gold sentiment either way.
- Whether XAU/USD holds the nearest support at $4,118.07: a break below may open the door to further downside, while a hold could support near-term stabilization.
- Initial Jobless Claims (Oct/03), Thu 8 Oct 12:30 UTC: labor data could reinforce or challenge the Fed-cut repricing that has been pressuring gold.
Educational information only. Not investment advice. Trading involves risk of loss.