Gold Price Finds Support At $1,230

How will gold trade today? Analyst at ADS Securities offered their projections in the following XAUUSD technical forecast.

29 October, ADS Securities – Gold has remains solid even as the US dollar strength is also acting as a hedge and safe-haven, while investors seek an alternative to stocks and riskier investments.

During Friday’s session, the precious metal rallied from $1231 and reached a fresh short-term high at $1243 but could not hold above the $1237.8 level on the back of US data that showed a growth in GDP by 3.5% beating expectations.

XAUUSD Technical Forecast

Gold prices failed to settle above the $1237.8 resistance level but found support at $1230. RSI is pointing towards a declining momentum, however, the symmetrical triangle could give gold prices a push in the case of a breach to the upside.

The next level traders will be watching is the $1244.8 level in case price succeeds in breaking above the next resistance level.

Support: 1230.74 1228.26

Resistance: 1237.79 1244.78

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.

Share Your Opinion, Write a Comment