empty
 
 
13.10.2016 07:08 AM
Technical Analysis of gold for October 13, 2016.

This image is no longer relevant

Technical outlook and chart setups:

Gold seems to have formed an interim higher low at $1,250.00/51.00 as expected after bouncing off from Fibonacci 0.382 support at $1,240.00. The metal is seen to be trading at $1,260.00 for now, looking to accelerate higher towards $1,300.00/10.00 levels. The wave structure also indicates that the counter trend rally can terminate around the past support turned resistance zone at $1,310.00 levels, which is Fibonacci 0.50% of the entire drop between $1,375.00 and $1,240.00 levels as depicted here. Additionally, the broken support trend line is expected to act as resistance now around the same levels. It is recommended to remain flat and look for selling opportunities around $1,300.00/10.00 levels again, while aggressive traders should look to go long with risk below $1,240.00. Immediate resistance is now seen at $1,305.00/10.00 levels, while support lies at $1,240.00 levels.

Trading recommendations:

Remain flat for now. Aggressive traders are long now with stop at $1,240.00, targeting $1,310.00.

Good luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback