Gold / US Dollar, Daily Chart Analysis 10/13
Technical Analysis and Outlook
Gold experienced one of its most vibrant days on Thursday as it opened under $1200 and closed whopping $30 higher, closing above critical Key Resistance $1214 price. A closure warrants a next Gold Rally of $1248, along with major Key Resistance $1258. On Friday Gold prices have retreated somewhat, giving back a $7.70 a part of Thursday’s results.
Gold experienced one of its most vibrant days on Thursday as it opened under $1200 and closed whopping $30 higher, closing above critical Key Resistance $1214 price. A closure warrants a next Gold Rally of $1248, along with major Key Resistance $1258. On Friday Gold prices have retreated somewhat, giving back a $7.70 a part of Thursday’s results.
Gold is also consolidating between Mean Resistance $1232 and Mean Support at $1217 which are firmly in place, albeit in a very different technical situation since the yellow metal is attempting to create a swing low which would validate a short-term uptrend following last week’s breakout. The move over short-term Mean Resistance $1232 would most likely lead to a retest of the $1248 Gold Rally, which includes a probable step to the following Key Resistance level at $1258.