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
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