Technical analysis of XAU/USD for October 24, 2016
October 24, 2016 10:23 am
XAU/USD is still expected to fall lower after breaking 161.8% Fibs applied to the last corrective wave where downtrend trendline was rejected.
After the breakout, gold rejected 161.% Fibs and can move lower. At the same time, further consolidation for a short term is possible.
Consider selling gold while the price is near $1,270, targeting either 261.8% ($1,225) or 361.8% Fibs ($1,177). The stop loss should be just above $1,300 resistance level.
Support: $1,225, 1,177
Resistance: $1,273, 1,303
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
XAU/USD is still expected to fall lower after breaking 161.8%
Fibs applied to the last corrective wave where downtrend trendline was rejected.
After the breakout, gold rejected 161.% Fibs and can move lower. At the same time, further consolidation for a short term is
possible.
Consider selling gold while the price is near $1,270,
targeting either 261.8% ($1,225) or 361.8% Fibs ($1,177). The stop loss should be
just above $1,300 resistance level.
Support: $1,225, 1,177
Resistance: $1,273, 1,303
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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