Gold Technical Analysis for October 24, 2016.
October 24, 2016 4:58 amVideo
Latest News
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- Forecast for GBP/USD on April 17, 2024 April 17, 2024
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- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
Technical outlook and chart setups:
Gold seems to have made an interim bottom at $1,261.00 level last week and bulls should be looking to push higher this week. The metal is trading at $1,264.00/65.00 levels for now and should be looking to push higher towards $1,280.00/90.00 levels from here. Please note that the metal is bouncing off from past resistance which turned into support as depicted here. The wave structure also indicates that the counter
trend rally that began from $1,241.00 level is expected to terminate around $1,304.00/10.00
levels, which is not shown since a shorter time frame is presented. Please note
that prices have bounced off from the fibonacci 0.50% support as discussed earlier. It is recommended to remain flat now and look
to sell around $1,300.00/10.00 levels again, while aggressive traders should
remain long with risk below $1,240.00. Immediate resistance is now seen at
$1,305.00/10.00 levels, while support is at $1,260.00 level respectively.
Trading recommendations:
Aggressive traders remain long now with stop
at $1,240.00 level, targeting $1,310.00. Conservative trade setup is to go
short at higher levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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