Has Gold Bottomed After Falling 17.6% From the August High?

Gold price technical analysis shows gold breaking out of its September downtrend after a 17.6% slide, as momentum divergence tests the rebound. Michael Boutros, StoneX Media Senior Market Analyst, walks through gold on the weekly, daily and four-hour charts, from the trendline break that fueled the decline to the Fibonacci retracements that frame the recovery. Gold fell in eight of the past 10 weeks after the August high, as the break of a three-point trendline accelerated the decline. Gold broke out of the descending channel that defined the September downtrend and pushed back above the 23.6% Fibonacci retracement. On the four-hour chart, price set a higher high that the momentum oscillator failed to confirm, a divergence that leaves room for a pullback. U.S. Consumer Price Index and Producer Price Index data add event risk, as strong nonfarm payrolls keep the Federal Reserve focused on inflation and Treasury yields in view. 00:00 Gold Turns After 17.6% Slide 01:05 September Downtrend Breaks 01:58 Gold Kickback Tests Support 02:25 Where Bears Regain Control 03:08 Gold Divergence Clouds Rally 03:36 U.S. CPI Puts Gold on Edge Get Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_michael_boutros&utm_content=share Like and subscribe for more financial market insights. #Gold #StoneX #MichaelBoutros #CPI --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@StoneX_Official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social