GOLD MONTHLY CHART

XAUUSD Gold Forecast October 2017

We left September behind and the new month is ahead of us.

After making a low at $1,204 in July, gold has been in a nice uptrend, trading as high as $1,362. In the last 15 to 20 days, gold has been in a minor downtrend; however, support has held on every sell-off. On Thursday gold was tested, trading down to $1,280 only to bounce back and hold that major support level.

The action in gold suggests that the uptrend will continue. There will be attempts to sell, but the big picture looks like support should be bought. The gold trade is consistent with a market changing from the five-year bear market into a new bull market.

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 setup accordingly.

Now we will try to draw a road map of GOLD for October.

We see that the GOLD has left the “”sell” zone and entered in to the cloud. Monthly support is 1.250 USD Fibonacci Retracement 76.40%. Monthly Resistance is 1374 USD Fibonacci 61.80% The bourder of the cloud is at 1.222USD. Price is above MA50 and MA100 resistance is 1.333 USD. And the trend is still BULLISH.

Gold Weekly Chart

I prefer to use Ichimoku cloud analysis on bigger chart frames to understand the main trend and setup my longer term trades. O weekly chart, we can see that the price is above the sell cloud and it will enter a stronger ” BUY” area in 2-3 months.

The yellow zone in the chart is neutral are. We can call it support/ resistance zone. Aproximetly, upper borders is 1.300 and bottom border is 1.275 USD. This week we will be watching this levels to be broken. Cloud’s border is at 1.248 and our support for this week will be 1.248 USD.

Gold Daily Chart:

On the daily chart, we see the price just ended at the border of the BUY cloud, and if it enters into cloud we can see a SELL pressure for a few days. The red zone between 1.279 and 1.273 is the resistance of GOLD.

A break below ( H4 closings ) of this area will carry the price to 1.264 USD. And break ABOVE will carry to the upper border of the yellow zone 1.300 USD.

Our Trade Idea :

Longer Term  (From one month up to 6 months ) :

We will enter LONG from current level with pending buy orders at 1265, 1248 and 1220 USD.

Mid-Term ( 1-2 Months )

We will enter LONG from current level with pending buy orders at 1265, 1248 and 1220 USD.

Short term ( Daily and this week)

We have trades which are open already. We will watch the break out of the upper line of the yellow zone ( 1300 USD ). Till the GOLD price makes H4 closings above 1.300 we will use upside movements as selling opportunities. ( 1.284 and 1.296 levels )

I will publish another article for premium members about our trading idea for October 2nd.

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