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Gold October 22 - 26 Outlook

Release Time:2018-10-22 02:30

Market Commentary

Gold traded higher on Friday and is heading for the third straight weekly increase on the back of a rise of demand due to equity market volatility and a softer dollar. The market opened the day at 1229.70/1230.70. After the open, gold prices traded between a high level of 1230.46/1231.46 and a low level of 1225.60/1226.60, before concluding the session at 1225.60/1226.60.

Technical Commentary

Gold closed lower on friday at 1226.6. Support is at 1213.19 - the 50.0% Fibo retracement of the July high and August low and previous resistance level of September. Resistance is at 1225.3 - the 100-day moving average followed by 1236 - previous support level from July.

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

MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 1228-1235-12281245-1266