11.10.201808:50 Forex Analysis & Reviews: Technical analysis of Gold for October 11, 2018

Long-term review

Gold price remains inside the trading range of $1,180-$1,210. Price is trying to make higher highs and higher lows. Bulls could see $1,220-40 area if we break above $1,207-11. Support so far is held but a break below $1,183 would be a bearish sign and could give Gold a push lower by at least 10$.

Exchange Rates 11.10.2018 analysis

Green lines - long-term bearish channel

Red lines - trading range

Gold price although it is moving out of the long-term bearish channel, will need to break above $1,211 to make a strong bounce higher. As long as price is below $1,211 there is still a danger of pushing to new lows. Support is at $1,183. Resistance is at $1,207 and next at $1,211.

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

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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