Monday, October 29, 2018

GOLD - 29 October 2018


Fundamental Highlights

Gold has remains solid even as the US dollar strength is also acting as a hedge and safe-haven, while investors seek an alternative to stocks and riskier investments. During Friday's session, the precious metal rallied from $1231 and reached a fresh short-term high at $1243 but could not hold above the $1237.8 level on the back of US data that showed a growth in GDP by 3.5% beating expectations.

Technical Analysis

Gold prices failed to settle above the $1237.8 resistance level but found support at $1230. RSI is pointing towards a declining momentum, however, the symmetrical triangle could give gold prices a push in the case of a breach to the upside. The next level traders will be watching is the $1244.8 level in case price succeeds in breaking above the next resistance level.

Support: 1230.74 1228.26
Resistance: 1237.79 1244.78

Chart (H4)