Gold outlook bleak; avoid aggressive selling without stop loss: Analyst - Business Standard

AI desk brief

Gold turned technically weaker after spot prices broke below $4,066 support on Oct. 22 and out of the $4,066-$4,226 October range, with the metal trading around $4,037 late Thursday, its lowest since Aug. 3 and down 2.5% on the day. The note flags near-term resistance at $4,140/$4,227 and support at $4,000/$3,930, while warning against aggressive selling without a stop loss.

The selloff came even though dollar and yields were initially subdued, as a more than 3% surge in crude on Oct. 22 and then a firmer dollar later in the session pressured bullion. The oil move was tied to worsening US-Iran geopolitical tensions after Trump denied Iran talks and a drone attack on Aramco’s Shaybah field raised supply fears.