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
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This article was provided by ADS Securities analysts.
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