GOLD DAILY CHART

XAUUSD Gold Forecast And Technical Analysis

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XAUUSD Gold Technical Analysis October 12th

XAUUSD Gold News :

Gold is likely to hit $1,400 level within a year, said famed investor and gold expert Dennis Gartman.

“One currency that will probably do best of all is gold,” he told CNBC’s Futures Now. “Gold has been rallying in dollar terms. It has been a bull market since December. And it is still a bull market.”

Gartman noted that on average gold has been outperforming S&P 500 this year.

“The last rally took us from $1,200 to $1,370. And the fact that we are now below $1,300 is relatively inconsequential,” he said.

And we agree with Gartman.

XAUUSD Gold Technical Outlook:

XAUUSD Gold Dail Chart:

Price is testing 1.296 USD which is an important resistance. The next targets will be 1305, 1312 and 1318 if the price breaks out this resistance level.

Price entered into the cloud, Tenkan-sen is 1.278 and Kijun-sen is 1.308. And we see that the market is ranging. GOLD tries to maintain in the upper channel of Bollinger Bands.

XAUUSD Gold H4 Chart:

Price is above MA100 and SMA 50. 1.304 is the SMA200 resistance. And it is also above the cloud.

1.285 USD is the main support of today.

Depending on the U.S. inflation data, we may see some pullbacks towards 1.285 which we will use as buying opportunities.

In our forecast of October 11th, we tried to explain the fundamentals which give bullish signals for Gold. You may read the article to get a better idea.

XAUUSD Gold Forecast: Bulls are back?

 

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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 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 If we do not publish an update close the 40% of your position on the TP1 level and move your stop loss to entry level.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.

 

 

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