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Gold buyer test at $3,850
The outlook for gold over the coming days appears cautious. After falling around 3% on Thursday to its lowest level in more than a year, it rebounded on Friday to about $3,903.19 an ounce, but failed to regain the $4,000 level. For buyers, $3,850 is the key support level to watch: holding above it could allow an attempt to recover $3,944 and then $4,000, while a break below it could pave the way to $3,830 and then $3,800. Expectations of tighter U.S. monetary policy are weighing on prices, with markets pricing in an 89% chance of a 25-basis-point rate hike in December. Analysts say current levels may be more attractive for selective long-term buying, although volatility is likely to persist.
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