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16.10.201808:49 Forex Analysis & Reviews: Technical analysis of Gold for October 16, 2018

Long-term review

Gold price made a higher high yesterday closer to our target area of $1,240. Price has reached the equality target relative to the first leg up from August lows, but as long as we hold above $1,200 I will be expecting a move to higher highs.

Exchange Rates 16.10.2018 analysis

Red lines - trading range

Green lines - long-term bearish channel

Blue Fibonacci extension- Fibonacci targets

Gold price continues to trade above the bearish long-term channel and the trading range it was in for more than a month. Price is making higher highs and higher lows confirming the short-term bullish trend it is in. Short-term support is at $1,208 at the upper boundary of the trading range. Resistance is at $1,236 where we find the equality target relative to the first leg higher. A pullback towards $1,214-10 is not out of the question once we reach our first target area.

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

Alexandros Yfantis,
Analytical expert of InstaForex
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