Gold fell to a multi-week low on Thursday after repeated attempts through the $4100 support area, while oil prices pushed higher on signals of further escalation in the Middle East conflict. US inflation data showed CPI and PPI remaining on an upward trajectory, a backdrop that points to the Fed keeping interest rates elevated for an extended period and supporting the dollar.
Fed Outlook And Upcoming Economic Data
Markets are looking to next week’s Fed meeting, with expectations for a hawkish hold at the 28 October policy decision, while the US September PCE Price Index is due on 29 October and is likely to shape the monetary policy outlook.
Technical Structure And Key Levels
Technically, another break of the $4100 pivot keeps the near-term structure negative, with a close below that level seen as confirmation for a move towards the $4000 support zone, which includes spike lows at $3942 and $3960. The former $4100 level is now initial resistance, followed by the broken Fibonacci level at $4120 and the falling 20DMA at $4152, with further resistance at $4190; support levels are $4021, $4000, $3960 and $3942.
