Gold remains depressed on positive risk tone
Hello traders! Gold is currently trading at $1920 and remains unchanged from this morning's trading.
Immediate support can be seen at the low of the previous day, which is $1908, and below that, $1900 will be tested. If gold does not stabilize around this level, the price retreat may extend to $1880.
However, with the Relative Strength Index (RSI) indicator held comfortably above the midpoint for 14 days, gold buyers may find lower bid prices.
As long as the strong support level mentioned above at $1900 remains intact, gold is forecasted to reach the significant level of $1930. Furthermore, the three-week high of $1933 may be retested on its way to reaching the highest level on September 20th, which is $1947.
Immediate support can be seen at the low of the previous day, which is $1908, and below that, $1900 will be tested. If gold does not stabilize around this level, the price retreat may extend to $1880.
However, with the Relative Strength Index (RSI) indicator held comfortably above the midpoint for 14 days, gold buyers may find lower bid prices.
As long as the strong support level mentioned above at $1900 remains intact, gold is forecasted to reach the significant level of $1930. Furthermore, the three-week high of $1933 may be retested on its way to reaching the highest level on September 20th, which is $1947.
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The market is waiting for information from the president of the US Federal Reserve (Fed), Jerome Powell on October 19 when he spoke at the New York Economic Club.
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