The intraday move-up during European session is exclusively sponsored by the heavily offered tone surrounding the US dollar
The move up is more likely to confront resistance near the $1880 supply zone. October 13 high at $1682 will act as major resistance for the gold prices ahead. Once broken the buyers may take Gold to $1700. On the downside, the $1750 support would be challenged, at first. It’s critical for bulls to defend the previous day’s low of $1638 which would open the way to yearly low $1618 - $1600. We expect Gold to move up towards $1680 resistance and we will be looking for price action signal to short Gold there.
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The move up is more likely to confront resistance near the $1880 supply zone. October 13 high at $1682 will act as major resistance for the gold prices ahead. Once broken the buyers may take Gold to $1700. On the downside, the $1750 support would be challenged, at first. It’s critical for bulls to defend the previous day’s low of $1638 which would open the way to yearly low $1618 - $1600. We expect Gold to move up towards $1680 resistance and we will be looking for price action signal to short Gold there.
Please support our work with like and comment, thank you!