Gold october 18th 2018 analysis
Yesterday, with the massive growth of the US dollar in the Forex market, we saw a drop in the price of gold in the world. On the global gold ounce weekly chart, we see a downtrend of the market at $ 1233, which can go on a weekly support of $ 1214.4. The next bullish target for the weekly chart is 1236.6 dollars, but the main target will be 1260. 8 dollar resistance. On the daily gold ounce chart, the market is at the top of the supportive area of 122.214.171.124.5. Given the successive downtrend slowness of the golden ounce chart, it can not be said with certainty that the supportive area of the ounces of gold could have a resistance of 1236.9 USD per day.
However, on a quarter-ounce gold ounce chart, the market has crossed the rebound in August at $ 1,223.5. As a result, the next target market is $ 1214.3 and $ 1209.
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Price action strategy
Entering a purchase deal with a four-month support of $ 1,214.3 and $ 1,209 could be a good idea. These two supporters are placed within the daily support area. It is recommended that you wait for a quarter-high ascend centigrade before you go into the purchase of an ounce of gold.