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    Technical analysis for GOLD on 14.10.2015

    GOLD: strong resistance at 1170.00 has been breached

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 1800 pips Max. 1187.80
    Min. 1156.65

    gold2

    Gold has breached two resistance levels this week – at the beginning of the week the price breached 1156.65 mark, this morning the bulls managed to hold above level 1169.90.

    Level 1169.90 is currently acting as strong support. The re-test of the level will most likely trigger consolidation, followed by the rebound up.

    Potential growth targets are situated at 1187.70 and 1205.90.

    Alternative scenario:

    gold11

    Downside correction may occur if price breaks support at 1169.90. Potantial target for correction ia found at 1156.65 support. The test of this mark will most likely trigger continuation of the uptrend.

     

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

    GOLD: strong resistance at 1170.00 has been breached

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 1800 pips Max. 1187.80
    Min. 1156.65

    gold2

    Gold has breached two resistance levels this week – at the beginning of the week the price breached 1156.65 mark, this morning the bulls managed to hold above level 1169.90.

    Level 1169.90 is currently acting as strong support. The re-test of the level will most likely trigger consolidation, followed by the rebound up.

    Potential growth targets are situated at 1187.70 and 1205.90.

    Alternative scenario:

    gold11

    Downside correction may occur if price breaks support at 1169.90. Potantial target for correction ia found at 1156.65 support. The test of this mark will most likely trigger continuation of the uptrend.

     

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!


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