12.10.202111:29 Forex Analysis & Reviews: Trading plan for Gold for October 12, 2021

Exchange Rates 12.10.2021 analysis

Technical outlook:

Gold outlook remains bullish against the $1,721 mark as bulls are still inclined to break above the $1,786 resistance level over the next few trading sessions. The yellow metal has carved a bullish boundary AB between $1,721 and $1,781. Gold rallied through the $1,781 high on Friday before finding resistance and pulling back.

The retracement found interim support around the $1,750 mark, which is fibonacci 0.618 retracement . Further, probability remains for yet another drop toward $1,745 , the Fibonacci 0.618 retracement, before bulls could be back in control. Either way, gold may remain bullish with a potential target toward $1,834 at least.

Gold is seen to be trading around $1,759-60 and is expected to drop through $1,745 to complete the Gartley. Ideally prices should remain above the $1,721 lows and turn higher from the $1,745 potential support.

Trading plan:

Potential rally towards $1,834, against $1,721.

Good luck!

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Oscar Ton,
Chuyên gia phân tích của InstaForex
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