gold october 15th 2018 analysis
The global gold ounce after a seven-week fluctuation below $ 1214.4 last week hit a high of $ 1226.4 in trading last week. The breakdown of weekly resistance 1214.4 (weekly support) can provide conditions for continued upside movements. The market’s next resistance is at $ 1236.6, but the main focus of the market is resistance to $ 1260.8.
On the daily chart of the global gold ounce, the supply region 1221.22.1207.50 (current support area) broke in trades on Thursday, and most likely upper-limit orders were activated. At the top of this area, the uptrend market is up to 1236.9 $ resistance, matched by a 1236.6-weekly retracement.
From the charts of the gold ounce chart, the price movements on Friday were somewhat limited and the market was under pressure at $ 1223.5 a barrel under the August reopening. It is possible to expect the buyers to support the high of August 28th price in 1214. It was $ 3, however, the main support of the market was at $ 1209, which collapsed with breakaway resistance lines, as well as a 38.2% Fibonacci support at $ 1209.7 USD compliance. has it.
Price action strategy
Half-hour support of $ 1209 along with resistance lines is broken and Fibonacci support is 38.2% of the best place to enter the purchase of ounces of gold. You can expect a good upside from this range. If the buy-in buying signal appears on an hourly chart or a quarter-hour ounce of gold, you can buy a daily gain of $ 1236.9 and a weekly resistance of $ 1260.8. Buyers should pay $ 1214.3, $ 1223.5, $ 1227.4 and $ 1227.4, which will be able to bring the vendors to the market.