Tuesday, October 16, 2018

GOLD - 17 October 2018


Fundamental Highlights

Gold has failed to hold above the $1230 level for two days in a row after getting strong resistance from the $1232 level. Yesterday the XAU/USD pair erased its gains as the greenback moved higher on the back of upbeat macroeconomic data releases from the United States. Additionally, improved market sentiment as revealed by the strong surge in the stock markets during the NA session seems to be hurting the demand for safe-havens such as the yellow metal.

Technical Analysis

Gold prices peaked again yesterday at $1233, but pulled back to $1221 as expected. The price is currently hovering above the $1222 level but the RSI is showing a decrease in momentum which could extend the pullback. If the price breaks below the $1220 level,then the next level we will be watching is the $1214 support level.

Support: 1180.6 1177.69
Resistance: 1184.86 1188.8

Chart (H4)