Thursday, October 4, 2018

GOLD - 05 October 2018


Fundamental Highlights

Gold prices ended the day unchanged after failing to hold gains above the $1200 level. After peaking at $1206.65 per ounce, the price moved back towards the $1196 level due to a sharp decline in US equities and a move to the upside of the US Dollar especially against emerging market currencies. Today's NFP report will have a crucial impact on the future of Gold prices as it may define whether it breaks above or below the range it is trading in for the last couple of days.

Technical Analysis

A volatile day for Gold prices as they were initially higher reaching the $1206 level before ending the day below the $1200 level. There's severe selling pressure when prices reach the 1204 level forcing Gold to trade in a tighter range than before, however, we expect a light push higher before prices trend lower again and then we will be focusing on the $1193.3 support level.

Support: 1180.6 1177.69
Resistance: 1184.86 1188.8

Chart (H1)