Gold Price Recovery Brings Test of Former Support Zone
The price of gold approaches the former support zone around the August low ($1885) as it clears the opening range for October.
Gold Price Outlook
The price of gold appears to have reversed ahead of the February low ($1805) as it carves a series of higher highs and lows, with a break/close above the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region raising the scope for a test of the 50-Day SMA ($1903).
Nevertheless, the price of gold may track the negative slope in the moving average if it continues to trade within the descending channel from earlier this year, and failure to break/close above the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region may curb the recent rebound in bullion as the former support zone around the August low ($1885) offers resistance.
A move below $1843 (50% Fibonacci retracement) may push the price of gold back towards the monthly low ($1811), with a breach below the February low ($1805) opening up the $1789 (38.2% Fibonacci retracement) area.
Gold Price Outlook
The price of gold appears to have reversed ahead of the February low ($1805) as it carves a series of higher highs and lows, with a break/close above the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region raising the scope for a test of the 50-Day SMA ($1903).
Nevertheless, the price of gold may track the negative slope in the moving average if it continues to trade within the descending channel from earlier this year, and failure to break/close above the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region may curb the recent rebound in bullion as the former support zone around the August low ($1885) offers resistance.
A move below $1843 (50% Fibonacci retracement) may push the price of gold back towards the monthly low ($1811), with a breach below the February low ($1805) opening up the $1789 (38.2% Fibonacci retracement) area.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.