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Christopher Lewis
Gold daily chart, October 16, 2018

Gold markets broke above the $1230 level, an area that has been resistance, and now it looks like we’re going to pull back to the $1230 level to find buyers. At this point, it’s very likely that we should continue to go higher, perhaps reaching towards $1250 level. Underneath, I see the $1220 level as being very supportive, so a break down below there would of course change a lot. That would probably coincide with strength in the US dollar, which of course does happen when people start to freak out although gold has enjoyed a bit of buoyancy due to the exact same issue.

Gold markets have benefited from a lot of the uncertainty around the world, and it looks as if we are going to continue to see that going forward. I think that the $1250 level above will be a bit resistive, and if we were to break above there, this market can really start to take off. The Gold markets have recently found a lot of support near the $1200 level, which was technically and structurally important. Now that we have found that the be an area where buyers are willing to get back involved, I think that it’s likely that we will eventually get value hunters here, so I would be willing to buy gold, but in small bits and pieces in order to build up a larger position. Shorting isn’t something that I’m interested in at the moment as we have seen such a huge move in the precious metals arena.

Gold Prices Video 16.10.18

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