Technical analysis of Gold for October 12, 2018

analytics5bc04109ef512.png

Gold price finally broke out above the trading range its been in for at least a month. This breakout is a bullish sign and we could see prices move higher towards $1,240-60 over the coming weeks.

Red lines – trading range (broken)

Green lines – long-term bearish channel

Gold price has broken above the trading range. Support is now at previous resistance at $1,211. Next support is at $1,184. We could see a pull back towards $1,215-13 but the upside should continue next week. Our first target of $1,220 has been reached. Holding above $1,210 could ope the way for our next target at $1,240-50. Resistance is at yesterday’s highs. Breaking this resistance level will increase the chances of reaching our second target area.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of Gold for October 12, 2018

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*