Tuesday, October 30, 2018

GOLD - 30 October 2018

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Fundamental Highlights

Gold has lost its traction during yesterday's session amid lack of events and a stronger Dollar. If equity sentiment remains on edge, especially as US-China trade rhetoric begins to pick up again, then it is normal for the yellow metal to stick around recent highs. However, without global market weakness, the short term for Gold would be slightly bearish especially with the DXY retesting its recent highs.

Technical Analysis

Gold prices failed to settle above the $1237.8 resistance and lost the support of $1230. RSI is pointing towards a declining momentum, and the symmetrical triangle has been violated to the downside with price currently hovering just above the $1225 level. With that matter, this week we will be watching the $1220.10 level first, then the $1214.40 which will be the decisive level.

Support: 1230.74 / 1228.26
Resistance: 1237.79 / 1244.78

Chart (H4)
GOLD

 
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