You are here: Home > articles > Commodities > Forex > Technical analysis of gold for October 19, 2017
Technical analysis of gold for October 19, 2017
October 19, 2017 8:23 amVideo
Latest News
- Technical analysis of GBP/USD for June 01, 2023 June 1, 2023
- Technical analysis of EUR/USD for June 01, 2023 June 1, 2023
- June 1, 2023 : GBP/USD Intraday technical analysis and significant key-levels. June 1, 2023
- June 1, 2023 : EUR/USD Intraday technical analysis and trading plan. June 1, 2023
- June 1, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective. June 1, 2023
- EUR/USD. European inflation, ECB minutes, and ADP report June 1, 2023
- Contradictory minutes of the ECB meeting June 1, 2023
- Analysis of GBP/USD. June 1st. A strong US labor market report did not help the dollar June 1, 2023
- EUR/USD. Analysis for June 1. Inflation in the European Union unexpectedly helped the euro June 1, 2023
- ECB hawks aid EUR/USD to counterattack June 1, 2023
- S&P 500 Outlook for June 1, 2023 June 1, 2023
- Technical Analysis – Will the US 100 index come under profit-taking pressure? June 1, 2023
- Trading Signal for GBP/USD for June 1-2, 2023: sell below 1.25 (200 EMA – psychological level) June 1, 2023
- EUR/USD: technical analysis on June 1. EUR braced for lower decline June 1, 2023
- Technical analysis on GBPUSD for June 1st, 2023. June 1, 2023
- EUR/USD: trading plan for the US session on June 1st (analysis of morning trades). Buyers managed to defend 1.0666 June 1, 2023
- Technical Analysis – USDCAD close to a key range as SMAs convergence is flashing red June 1, 2023
- Technical Analysis – Gold rotates near key support trendline June 1, 2023
- AI mania takes over Wall Street; is this a new bubble? – Stock Market News June 1, 2023
- Technical analysis on Gold for June 1st, 2023. June 1, 2023
Gold price has reached the support at the 61.8% Fibonacci retracement. I expect an upward reversal from current levels. If this does not happen, we should expect gold to fall towards $1,240-50.
Blue line – expected move
Gold price is testing the lower Ichimoku cloud boundary and the 61.8% Fibonacci retracement. Oscillators are oversold and turning upwards. This is the important support area. Resistance is at $1,289 and the next one at $1,302.
Blue line – long-term support
Magenta line – long-term resistance
Gold price is trading above the weekly Ichimoku cloud. This is a bullish sign. However, price got rejected a few weeks back at the magenta trend line which was our target since $1,200. In order for gold to push towards $1,400, we need to break above this resistance level. A test of cloud support and the blue trend line is still not out of the question. Any pullback is still considered a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: