Weekly Technical Analysis Report 15 October – Gold played out nicely, pullback on GBPAUD presents an opportunity to sell
Weekly Technical Analysis Report 15 October – Gold played out nicely, pullback on GBPAUD presents an opportunity to sell
1. Last week’s outlook on Gold: Pullback presents an opportunity to buy
Prices are holding well above the daily support, and we are seeing consolidation on the H1 time frame along with a clear break of structure above the recent high. A pullback to test the support zone at 1752, in line with the 78.6% retracement presents an opportunity to play the bounce with 1769 as the resistance target. Keeping in mind the daily time frame echoes a more bullish view, a break above the 1769 resistance target could see prices extend its rally.
Gold Charts (Note: Coloured candles represent our projection)
Before:
After:
2. This week’s outlook on GBPAUD: Pullback presents an opportunity to sell
Prices are facing bearish pressure from the resistance zone at 1.8600 which lines up with the 50% fibonacci retracement and descending trend line. A pullback to test this resistance area presents an opportunity to play the drop to the next support target at 1.8420 support area. Ichimoku cloud is showing signs of bearish pressure as well.
Outlook on GBPAUD: Pullback presents an opportunity to sell by Salzworth on TradingView.com
