Monday, October 22, 2018

GOLD - 23 October 2018


Fundamental Highlights

Shifting market sentiment boosted the demand for safe havens and in particularly Gold as the Dollar index headed above the 96 handle. Amid a lack of macroeconomic data releases that could impact price action, the markets' risk perception stays as the primary driver of the XAU/USD pair. The yellow metal was back on the rise after failing to get below the 1220 level supported by gains seen in major European indices.

Technical Analysis

Gold prices are still trading in the same range and attempting to break above the $1230 level. The price is currently hovering just above the $1227 level, but a break above the $1228.3 will help retest the recent highs at $1233.15. This consolidation is preparing for that break unless the $1220 level is violated to the downside.

Support: 1224.20 1220.12
Resistance: 1228.26 1230.74

Chart (H4)