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Gold October 8 - 12 Outlook

Release Time:2018-10-08 02:08

Market Commentary

A stronger U.S. dollar and rising U.S. government bond yields could represent a significant headwind for gold this week despite Friday’s gains, as the precious metal’s inverse relationship to the greenback continues to offset safe haven demand.Concerns over Italy’s rising debts and strains in emerging markets will also remain in focus as markets continue to digest Friday’s mixed U.S. non-farm payrolls report.

Technical Commentary

Gold continues to remain trapped in the range for last so many weeks.Both 1180 and 1215 are levels to look at in the chart and verify for yourself , how accurately these levels are impacting the trend in gold.No change in major trend of Gold. It remains in a strong down trend. However short term trend is up now and will remain so till it closes below 1180.Follow the levels given below and create your own trading plan.

MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1180-1153-1120-1045

MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1215-1228-1245-1266