Thursday, October 25, 2018

GOLD - 26 October 2018


Fundamental Highlights

Gold prices rose during yesterday's session to test monthly highs near $1240 per ounce but lost strength and pulled back. The retreat from the top continued after the ECB left its interest rates unchanged amid a stronger US Dollar and an improvement in risk appetite. However, the yellow metal is still up for the week finding support near the tops.

Technical Analysis

Gold prices failed to break above the $1240 level but found support at $1230. RSI is pointing towards a bullish momentum but we have to be careful from potential divergences. If the price succeeds to settle above the $1237 level, then the next level we will be watching is the $1244.8 level.

Support: 1230.74 1228.26
Resistance: 1237.79 1244.78

Chart (H4)