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Gold Forecast and Technical Analysis October 9-13

Fundamentals:

Gold prices were taken aback early on Friday, despite negative U.S. non-farm payrolls numbers, as traders chose not to focus on a decline of 33,000 positions in September, but paid closer attention to the lower unemployment rate of 4.2% and rising annual wage growth of 2.9%.

Since then, gold prices have recovered from daily lows, with December Comex gold rising to $1,275.80, up 0.20% on the day. News about North Korea triggered Gold prices up.

Gold Forecast and Technical Analysis October 9-13

Technically Gold has 2 support lines. Line 1 (Red) and Line 2 (Blue). Break out of Line 1 will carry the price to Line 2 support  –1.244 -1.240– zone which is the Fibonacci Retracement 50% of the downwards movement started in July 2016. Before this, 1.260 USD Fibonacci 38.20% of the upwards movement started on July 6th, 2017.
Gold ended the week at 1.276 Fibonacci 50%. This level is important before 1.290-1.296.

On the daily chart, we can see that Simple MA 200 acted as a strong support and the price reversed and ended at MA100 resistance. Above MA100 resistance we can see MM 1/8 1.281 USD and MA 50 and Kijunsen 1.291 USD. 

On both 4 Hours Chart and Daily Chart, RVI ( Relative Vigor Index ) Indicator gives bullish signals from the oversold area.

We have published an intraday trade idea based on fractals on Friday. XAUUSD tested the stop zone after NFP data but reversed with the news.

GOLD Trade Idea based on fractals October 6th

We will wait for completion of the pattern by moving our Stop Loss to entry level.

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Warning: All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases.

If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.

WARNING ABOUT FOREX TRADE IDEAS

  1. We enter trades on different pairs and we look for other trade opportunities. So we recommend you to enter trades with the smaller size.
  2. Do not exceed 10% margin.
  3. Stop Loss and Take Profit Levels are +/- 15 pips minimum.
  4. If we do not publish an update close the 40% of your position on the TP1 level and move your stop loss to entry level.
  5. Some trades ( especially with 300-500 pips profit target) can take 5-6 days to hit the targets. If you do not have patience, do not enter the trade.
  6. Our aim is to close each with week 2500-3000 pips profit minimum.
  7. If we mention as “pullbacks are buying/selling “ opportunities and we publish pullback levels, you do not need to wait for a signal from us. Use these opportunities at the mentioned levels.
  8. All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases. If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.

Gold Forecast By Fxters

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