{"id":440459,"date":"2026-10-20T15:40:09","date_gmt":"2026-10-20T08:40:09","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-rejects-a-key-trendline-as-higher-oil-prices-and-yields-weigh-growth-concerns-remain-in-focus-440459\/"},"modified":"2026-10-20T15:40:09","modified_gmt":"2026-10-20T08:40:09","slug":"gold-rejects-a-key-trendline-as-higher-oil-prices-and-yields-weigh-growth-concerns-remain-in-focus","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-rejects-a-key-trendline-as-higher-oil-prices-and-yields-weigh-growth-concerns-remain-in-focus-440459\/","title":{"rendered":"Gold rejects a key trendline as higher oil prices and yields weigh; growth concerns remain in focus"},"content":{"rendered":"
\n

Gold rejected a key trendline yesterday as a minor
\n increase in oil prices and Treasury yields weighed on the precious metal. There
\n was no catalyst for the move as the price just continues to range amid lack of
\n meaningful developments. <\/p>\n

The geopolitical situation is mostly unchanged,
\n although there was a report
\n yesterday from Al-Arabiya<\/a> saying that a breakthrough in US-Iran negotiations
\n is expected to be announced this week. It\u2019s not the first time we\u2019ve had such
\n vague reports that eventually failed to live up to expectations, so take it
\n with a pinch of salt. <\/p>\n

I think that growth concerns are starting to take
\n centre stage, so the most important event this week will likely be the release
\n of the US Flash PMIs on Friday, barring of course a surprising breakthrough in
\n US-Iran negotiations.<\/p>\n

If the data
\n surprises to the downside, growth concerns might increase and we could see a
\n dovish repricing further out the curve. In this scenario, we should see gold rising
\n as real yields fall. Stronger than expected data, on the other hand, could
\n quell growth fears and drag the precious metal lower again. <\/p>\n

\u00a0<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 DAILY TIMEFRAME<\/p>\n<\/p>\n

On the daily chart, we can
\n see that gold<\/a>(CFD contract) rejected the
\n downward trendline as the sellers stepped in, with a defined risk above the
\n trendline, to target a drop into the 3,885 level. The buyers will need a break
\n above the trendline to start positioning for a rally into the 4,700 level next,
\n with the 4,500 level as the first target.<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 4
\n HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 4 hour chart, we can
\n see the price has been consolidating in a relatively wide range. We can expect
\n the market participants to continue to play the range by buying at support and
\n selling at resistance until we get a breakout on either side. On the upside,
\n the buyers will likely target the 4,400 level next, while on the downside, the
\n sellers will keep targeting the 3,885 level. <\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 1
\n HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 1 hour chart, we can
\n see the price pulled back into the minor support zone around the 4,130 level,
\n but probed below it a couple of times. The price action inside ranges is always
\n very messy, so ideally, traders should always wait for a breakout unless there\u2019s
\n a catalyst pointing to an imminent breakout. <\/p>\n

Nevertheless, if the price
\n breaks above the most recent swing high around the 4,150 level, we can expect
\n aggressive buyers to pile in to target a break above the 4,228 resistance. The sellers,
\n on the other hand, will look for a break below the daily low to extend the drop
\n into the 4,070 support next. The red lines define the average daily range<\/a> for today.<\/p>\n

UPCOMING CATALYSTS<\/p>\n

On
\n Thursday<\/a> we get the latest US Jobless Claims figures, while on Friday we
\n conclude the week with the US Flash PMIs.<\/p>\n

This article was written by Giuseppe Dellamotta at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Gold rejected a key trendline yesterday as a minor increase in oil prices and Treasury yields weighed on the precious metal. There was no catalyst for the move as the price just…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-440459","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/440459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=440459"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/440459\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=440459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=440459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=440459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}