Wednesday, October 17, 2018

GOLD - 18 October 2018


Fundamental Highlights

US Dollar buyers stepped back into the fold during yesterday's NA trading session, bidding the greenback higher once again and sending Gold back towards its weekly lows below the $1220 level. The decline came on the back of the hawkish Fed meeting that hinted on a continuation of rate hikes next year supported by an impressive economy.

Technical Analysis

Gold prices broke to the downside as expected and are heading to retest the $1214.4 support level. The momentum is still in decline as we can see on the RSI chart putting more pressure on the yellow metal as it broke the $1220 level to the downside. The $1210 level is our main focus for the next 48 hours in case the price break below the $1215 level.

Support: 1180.6 1177.69
Resistance: 1184.86 1188.8

Chart (H4)