29.10.201813:04 Forex Analysis & Reviews: Analysis of Gold for October 29, 2018

Long-term review

Exchange Rates 29.10.2018 analysis

Recently, Gold has been trading sideways at the price of $1,229.05. Anyway, according to the daily time – frame, I have found many signs of a potential trend reversal. I have found doji, spinning top, and shooting star candles, which all suggest exhausted buyers and a potential response from sellers. I have also found the rejection from the upper band – resistance (Bollinger band) and hidden bearish divergence on the RSI oscillator, which is another sign of weakness. My advice is to watch for selling opportunities. The downward target and key short- term support is set at the price of $1,215.00.

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

Petar Jacimovic,
Analytical expert of InstaForex
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