Gold october 12th 2018 analysis
The golden weekly chart shows that gold has risen to $ 1214.4 at $ 4. Assuming a weekly chart above the resistance of 1214.4 USD closes, we can expect further weekend moves to continue. The next resistance of the ounces weekly chart is $ 1260. $ 8.
On Thursday, the daily supply area of 1221.22-17.60 was broken at $ 5 and with the activation of the losing orders at the top of the supply area, the daily cash chart upward stood at $ 1236.9. On the charts of the gold ounce, the market lost some of the recent gains, and ended Thursday at $ 1223.5 a revet in August. Today, buyers can expect support from $ 1214.3. However, the main support for gold ounces is $ 1209.0, which is consistent with resistance line lines.
Price action strategy
The $ 1209 four-hour support could attract ounces of gold buyers. A leap from this range in the form of a 4-hour uptrend can hold the market up to 1236 9-day resistance, followed by a weekly resistance of $ 1260.8. Meanwhile, it should be noted that Resistors 1214.3, 1223.5 and 1227.4 can market vendors. That’s why if you go into the purchase of ounce gold deal with caution.