iReadPrice
All overviews
Daily overview

Gold slips toward $4,172 as the dollar holds a 17-month high

What moved overnight

Markets are closed today, so this is Friday's close in focus. Spot gold settled the week at $4,172, down about 3.4% on the week for its second straight weekly loss. Friday morning's price action saw a small bounce toward $4,188 after a surprisingly weak September jobs report (29K vs 84K expected, unemployment up to 4.2%), which cut October Fed hike odds from around 70% earlier in the week to roughly 25%. But the dollar refused to blink: DXY held near 102, a 17-month high, and the 10-year Treasury yield finished Friday at 5.276%, the second highest print of the year and within a whisper of the 5.292% 52-week high hit on September 30.

Levels I'm watching

$4,123Friday's intraday pivot area, holding so far but pressured
$4,100first clean line of defense below current price
$4,191near-term resistance, reclaiming it would ease the short-term picture
$4,280the 20-day average cluster, price sits below it and sellers stay in control until it's taken back

Today's calendar

Nothing on the calendar. It's Saturday, so there are no US data releases and no Fed speakers scheduled. Next up is the FOMC minutes on Wednesday and the October 27-28 FOMC meeting, where markets are pricing a 79% chance of a hike.

The read

Gold is stuck under a firm dollar and real yields near 2.9%, and price trading below all of its major moving averages keeps the path of least resistance pointed down. The weak NFP gave bulls a brief window, and they used it only to hold $4,170. For now the setup is defensive: respect $4,100 as the line, and don't chase bounce candles until the dollar actually rolls over.

Not financial advice. Educational commentary only. You make your own trading decisions.