Friday, October 18, 2019

GOLD

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Fundamental Highlights

Precious metals have been somewhat less volatile in recent sessions, and yesterday, the price of Gold has ranged between $1483.53 and $1497.45. The Brexit developments have been dominating the financial and commodities market's space and while a deal between the European Union and UK was passed by the 27 EU members, markets are now bracing to see if a vote in the British parliament will seal the deal or, alternatively, see the deal blocked and sending PM Johnson back to the drawing board. Also, further signs of a weakness in the US economy had been providing support for the haven metals.

Technical Analysis

Gold prices were little unchanged during yesterday’s session as bulls still trying to seek for a run towards the $1500 handle printing a high of $1497.22 per ounce. The price is currently trading just above the $1486.98 support level as the momentum bounced back of from the bearish territory. We will be focusing on the upside if the price breaks above the $1494.87 resistance level with the upper band on our watch.

Support: 1486.98/ 1474.99
Resistance: 1494.87/ 1506.02

Chart (H4)