Gold analysis for October 19, 2016
October 19, 2016 11:05 amVideo
Latest News
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
Since our previous analysis, gold has been upwards. The price tested the level of $1,270.65 in an average volume. On the 4H time frame chart, I found a trading range (potential re-distribtion) between the price of $1,265.50 (resistance) and the price of $1,241.22 (support). The Gold is in a downward trend and my advice is to watch for a potential breakout of suppot for bearish position. Watch for breakout of $1,214.22 to confirm further lower price. The downward target is set at the price of $1.201.60. According to 30M time frame and using the market profile analysis, I found a point of control for today at the price of $1,262.60. Sellers may decide to re-test the point of control.
Fibonacci pivot points:
Resistance levels:
R1: 1,261.35
R2: 1,262.00
R3: 1,262.15
Support levels:
S1: 1,260.50
S2: 1,260.30
S3: 1,259.75
Trading recommendations for today: Watch for selling opportunities. The target is set at the price of $1,201.60.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: