Stonex market analyst Fawad Razaqzada sees gold's near-term outlook tilted bearish, with stubborn inflation keeping the Fed cautious, elevated oil prices pressuring bond yields, and a resurgent dollar acting as a major headwind. A softer U.S. jobs report gave bullion only a brief lift, and all eyes are now on the October 14 CPI release. His charts point to $4,100–$4,120 as the key downside support, with a sustained break opening the door to $4,000 later this month.
Here is how he sees the setup playing out — and why the long-term case for gold still looks constructive.
