International gold prices continue to fall, the market focuses on bargain hunting opportunities

The international gold price has continued to decline recently. Gold has closed in the black for the second consecutive week. The price of gold has been correcting, and investors have begun to wonder whether it is now the time to "buy the dip"? Market analysts believe that gold has entered a range that can be deployed in small quantities, but it is not yet the time to place heavy bets; other analysts remind that gold prices have not yet confirmed bottoming. If it falls below the US$4,100 per ounce level, it is not ruled out that it may drop to US$4,000 or even lower.

Spot gold fell 0.9% on Friday (2nd) to US$4,140.06 per ounce, with a cumulative decline of approximately 3.4% this week; COMEX October gold futures closed at US$4,133.70 per ounce, falling for two consecutive weeks, with a cumulative decline of 5.75% in two weeks.

Facing the continuous decline of gold, can you take advantage now? Market sentiment is not unanimous. "Investing" analysis believes that gold has entered the buying range of US$4,200 to US$3,941 per ounce, but it is recommended to only deploy in a smaller amount.

Kitco quoted commodity market strategist Carley Garner as saying that the recent sell-off in gold has created buying opportunities, and there may be rebound trading opportunities in October. However, this does not mean that the downside risk to gold prices has completely disappeared. Technically, investors should first keep an eye on $4,100.

FXEmpire’s latest analysis points out that gold is still under pressure from the short side, with about $4,103 serving as important support. If gold prices effectively fall below this line of defense, it means that the current correction may not be over yet, and the next important target may be to further test the June low of about $3,942.