Facebook
 
 

29.10.201809:44 Forex Analysis & Reviews: Technical analysis of Gold for October 29, 2018

Long-term review

Gold price continues to trade below the 38% Fibonacci retracement resistance at $1,240. Price is mostly moving sideways in the last few sessions without a clear break out to the upside and at the same time respecting support. Gold could continue higher towards $1,260 and I favor this scenario as long as we hold above $1,215-20.

Exchange Rates 29.10.2018 analysis

Magenta rectangle - support area

Gold price has stopped its rise right at the 38% Fibonacci retracement resistance. Breaking and closing above $1,240 will be a bullish sign and would most probably push prices towards $1,260. Support is at $1,230 and next at $1,220-15 area. Gold might need one more pull back towards $1,225 before moving higher and breaking above resistance for the final target of $1,260. Breaking below $1,220-15 would make me cancel my bullish short-term view and turn bearish.

*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
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.