08.10.201812:45 Forex Analysis & Reviews: Analysis of Gold for October 08, 2018

Long-term review

Exchange Rates 08.10.2018 analysis

Recently, Gold has been trading downwards. The price tested the level of $1,193.00. According to the H1 time – frame, I have found that end of the upward correction (irregular type 2), which is sign that buying looks risky. I have also found a hidden bearish divergence on the MACD oscillator in the background, which is another sign of weakness. My advice is to watch for selling opportunities. The downward profit target is set at the price of $1,180.80.

Trading recommendations for today: watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
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