Gold price action analysis nomevber 19th 2018
From the weekly global ounce chart, support of $ 1,183.7 and resistance of $ 1236.6 are still key market levels. Although both levels can be touched again, one should also consider the 127.2% estimate of the AB = CD model, which is exactly $ 1261.4.
On the golden daily ounce chart, we see that the market is trading in the bullish channel and can reach a resistance of $ 1236.9, which is well matched with a weekly resistance of $ 1236.6. On a quarter-ounce chart of gold and trading on Friday, the US dollar dropped dramatically, causing an ounce to rise. The resistance line line drawn from the peak of 1243.
The next target is the market. In addition, the Fibonacci retracement of 78.6% resistance at 1228.7 and resistance 161.8% in 1229.3 are ahead of the market and the RSI indicator also reflects the conditions of saturation of purchases and bullish divergence. The possibility of a golden ounce downtrend from the resistance trend line to a continuous downward movement is very low. Because both weekly and daily charts show continued upside movements to $ 1,236.
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Price action strategy
Although a downward spiral of the four-hour resistance trend line is likely, traders should focus on a 1236.6-weekly weekly resistance. The 4-hour supply range 1245 .0-1240. 3 is also above the weekly resistance, which is why there is a possibility of fake weekly resistance. Accordingly, a 4-consecutive downtrend penny around the weekly resistance could enter into an ounce of gold purchase deal. The first profit margin is to sell gold ounces above the 4-hour resistance line.