Gold Daily Analysis – October 11, 2017

Gold prices settled higher on Tuesday as the current geopolitical uncertainty between the U.S. and North Korea boosted the sentiment and the dollar continued its weakness.

Gold was trading slightly lower on Wednesday morning at 1291, down 0.21%.

Catalan president Carles Puigdemont said in a speech to the Spanish parliament: “We propose to suspend the effect of the independence declaration… in order to work towards putting into practice the result of the referendum… Today, we are making a gesture of responsibility in favour of dialogue.” This led to the limitation of gains in Gold.

Technical View

Currently, there are many uptrend signs. The bottom candlestick closed a Bullish spinning top which indicates a trend change at $1260 level.

From the bottom, three candles closed bullish, so it has also given bullish reversal White Soldiers candlestick pattern which forms at the bottom of a downtrend.

The pattern consists of three candles which are almost the same length. The open of each candle is above the open of the previous candle.

Gold prices trade in short-term uptrend mode and have broken the resistance slope line at $1280. Currently, prices are expected to move towards $1295-$1303 level.