XAUUSD - GOLD - Analysis for 1st Week of Oct 2023

GOLD currently exhibits a bearish trend, having breached several support levels, although it has not yet touched a critical support level. From a technical standpoint, it is advisable to await a price retracement to the Trend Line Resistance before considering a selling position, with confirmation observed on lower time frames providing added reliability.

Additionally, for intraday trading, Fibonacci retracements can be employed as a valuable tool for initiating short-selling positions.