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Heavier Demand for Crypto’s and Stocks Weighing Slowing Down Gold’s Resurgence

October 4, 2021

Gold price will likely remain within a horizontal channel in October. Bulls will need to push the price past the resistance zone of $1,835 to shift the sentiment.

The demand for gold has been rather disappointing over the past three quarters. One of the underlying factors is the notable shift by investors to riskier assets such as cryptocurrencies and stocks.

With that said, Gold has been range-bound for the better part of the current year. Granted, it rose to 1,918.41 – its highest level year-to-date – in the second quarter. However, for the most part, the precious metal has been trading between 1,700 and 1,834.66.

On a daily chart, it is trading slightly below the 25 and 50-day exponential moving averages. Besides, it remains below the long-term 200-day EMA.

In the month of October, the gold prices will likely remain within the extended horizontal channel. In the immediate term, it may experience resistance along with the 25-day EMA at 1,769.60. Above that level, September’s highs of 1,790 and 1,810 will be the resistance zones to look out for.

On the flip side, 1,750 and 1,700 will remain key support zones for the metal in the new month. Below the psychological level of 1,700, bears will be eyeing the levels of 1,677 and 1,650.

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