Economy
Add as a preferred source on GoogleThe Oct. 29 chart marked spot gold near $4,040, with successive downward lines becoming less steep.
An Oct. 29 chart marked spot gold near $4,040, while its descending lines made a possible reversal contingent on a move above the newest one.
Each successive line slopes downward less sharply than the one before it. The technical setup treats a move past the latest line as a possible precursor to an upward turn; it does not confirm that gold has changed direction.
The chart therefore presents a potential signal, not an established reversal.
The snapshot listed gold at $3,998.72 an ounce; Reuters had quoted it at $4,041.39 on Thursday afternoon.
FXStreet put spot gold around $4,050 in early Asian trading Thursday after the Fed held rates at 3.75%-4.00%; September personal consumption expenditures (PCE) data are due next.
The marks are about 22% and 43% above a $1.3232 reference price.
