The Chart of the Week: Make or break time for gold prices

Bulls seeking a break of daily resistance to open prospects of a firmer test of monthly resistance.
The 4-hour environment is ripe for a continuation higher and break of daily resistance.

Ross J Burland FXStreet

Gold prices have run into a wall of resistance which guards a significant continuation target in the correction of the fresh cycle lows.

The following is a top-down analysis that illustrates where the next trading opportunities could arise from a break out scenario.

Monthly chart

The monthly chart offers room to the prior support levels as a compelling bullish prospect on repeated downside failures.

Weekly chart

The weekly chart illustrates a 50% mean reversion confluence with the monthly upside target.

Daily chart

From a daily perspective, however, there is a wall of resistance that guards the upside targets.

4-hour chart

Meanwhile, the conditions are bullish for an upside continuation and break of the daily resistance.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD turns south toward 0.6900 as USD firms up

AUD/USD sees fresh selling and drops toward 0.6900 in late Asian trading on Monday, as renewed US Dollar strength weighs on the pair amid lingering Middle East and Russia-Ukraine geopolitical tensions. Focus remains on Oil prices, Treasury bond yields, and RBA expectations for fresh trading impetus in the major.

USD/JPY retakes 158.00 amid hawkish BoJ bets, firmer USD

USD/JPY erases losses and retakes 158.00 in the Asian session on Monday, trading within a one-week-old range. Geopolitical uncertainty continues to underpin the US Dollar, despite fading Fed rate hike hopes, supporting the pair's rebound. However, further upside could be capped by hawkish BoJ expectations and looming intervention risks that could support the Japanese Yen.

Gold flat lines below $4,150 as rallying USD offsets receding Fed hike bets

Gold extends its consolidative price move, trading below $4,150 heading into the European session, and moves within a range held over the past week or so. As investors look past Friday's disappointing US jobs data, the US Dollar regains strong positive traction and rallies to a fresh high since April 2025. This is seen as a key factor capping the commodity, though receding bets for an October rate hike by the Federal Reserve help limit the downside.

BNB: Derivatives back bullish upside continuation

BNB, formerly known as Binance Coin, edges lower trading around $790 on Monday after posting three consecutive weekly gains. Rising Open Interest and positive funding rates suggest that bullish positioning is strengthening in the derivatives market.

ISM Services PMI expected to show robust US economy in September

On Monday, we’ll get the latest read on the US services sector when the Institute for Supply Management publishes its September gauge. Consensus points to a marginal uptick to 55.7 from August’s 55.4. If confirmed, the reading is unlikely to significantly dent the current sector’s resilience and confidence in the broader economy.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.