Gold Price Forecast: Gold Drops Below $4,100, Could Test $4,000 in Short Term - TradingKey

AI desk brief

Gold traded around $4,120 in the Asian session after briefly slipping below $4,100 to a low of $4,066.35, with the piece arguing bearish sentiment remains dominant and downside risk extends toward $4,000, and potentially $3,940 if that level breaks. The report says weak September nonfarm payrolls (29,000 vs 90,000 expected) and a softer labor market have reduced near-term Fed hike odds, but elevated inflation risks, rising energy prices and 10-year Treasury yields near 5.3% are still capping any rebound.

Technically, gold is described as stuck in low-level consolidation with no clear reversal signal yet. Near-term resistance is flagged at $4,140, then $4,170 and $4,200; only a sustained move back above $4,200 is said to unlock further upside.