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Technical analysis

Gold Price Attempts to Break Above $1,230

ADS Securities | Oct. 19, 2018
Gold Price Attempts to Break Above $1,230

How will gold trader today? Should traders expect a downward move? Gain insight into the following XAUUSD technical analysis.

19 October, ADS Securities – Gold prices rose amid an increase in the demand for safe-haven assets and a slide in equities but the upside was limited by a stronger US dollar.

The greenback hit weekly highs versus the European currencies but pulled back against the Yen on the back of lower US yields. The recovery in Treasuries also added support to the yellow metal.

XAUUSD Technical Analysis

Gold prices are still trading in the same range and still attempt to break above the $1,230 level with little success.

The momentum is declining and the precious metal is facing a lot of resistance in this area, so a move to the downside is most probable to happen and the level we will be focusing on is the $1,214.5 support area.

Support: 1180.6 1177.69

Resistance: 1184.86 1188.8

Chart (H4)

ADS Securities Risk Disclaimer

This article was provided by ADS Securities analysts.

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.