GOLD Prediction 18 OCT
The price of Gold is currently consolidating its correction from three-week highs, reaching $1,933 on Tuesday. Selling pressure remains strong below the important 100-Daily Moving Average (DMA) at $1,923.
There is immediate support at yesterday's low of $1,908. If this level is breached, the round figure and relatively stable 50 DMA at $1,900 will be tested.
Should the 50 DMA fail to hold up, there is a possibility that the Gold price retracement could extend towards the 21 DMA at $1,880.
Despite this potential retracement, buyers are likely to show interest in Gold as indicated by the comfortably above midline reading of the 14-day Relative Strength Index (RSI).
As long as the significant support level of $1,900 holds firm, there is bullish potential for Gold to reach and surpass key resistance levels such as the 200 DMA at $1,930.
Prior to challenging these higher resistance levels though,the bearish commitments will have to face off againstthe obstacle presented bythe100 DMAat1923.FurtherupwardmovementmayseetheGoldpriceretestingthethree-weekhighof1933onitswaytothemaximumreachedonSeptember20,$1947.
There is immediate support at yesterday's low of $1,908. If this level is breached, the round figure and relatively stable 50 DMA at $1,900 will be tested.
Should the 50 DMA fail to hold up, there is a possibility that the Gold price retracement could extend towards the 21 DMA at $1,880.
Despite this potential retracement, buyers are likely to show interest in Gold as indicated by the comfortably above midline reading of the 14-day Relative Strength Index (RSI).
As long as the significant support level of $1,900 holds firm, there is bullish potential for Gold to reach and surpass key resistance levels such as the 200 DMA at $1,930.
Prior to challenging these higher resistance levels though,the bearish commitments will have to face off againstthe obstacle presented bythe100 DMAat1923.FurtherupwardmovementmayseetheGoldpriceretestingthethree-weekhighof1933onitswaytothemaximumreachedonSeptember20,$1947.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.