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Gold October 15 - 19 Outlook

Release Time:2018-10-15 02:03

Market Commentary

This week precious metals traders will see whether gold’s surge higher can be sustained after a rout in global equity markets which coincided with weakness in the dollar bolstered safe haven demand for the yellow metal. Gold prices slid on Friday but still ended the week with a gain of around 1.4%, its second straight weekly increase. December gold futures settled down 0.49% at $1,221.60 on the Comex division of the New York Mercantile Exchange.

Technical Commentary

Gold finally broke out of the range and once again stopped exactly near next resistance level. Look at the chart and also the levels given below. Short term trend remains up till it stays above 1180. Follow the levels given below and create your own trading plan.

MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 1210- 1180-1153-1120-1045

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