Technical Analysis

Further gains for gold coming up? Medium term picture ‘very constructive’.

Deutsche Bank on gold, a technical view 

DB headline the piece with: Big weekly rejection
of the downside suggests further gains in store. 

Main points:

  • stabilising nicely above the 38.2% Fibonacci support of the May-Sep rally last week
  • the long lower shadow on last week’s candle suggesting bulls were clearly in control over the latter part of the week
  • short term charts do look a touch stretched so expect we start the week with the required consolidation
  • looking for gains towards last week’s highs at 1518.50 before an attempt at 1535.60 the Sep 24 high later in the week
  • from the weekly chart the medium term picture remains very constructive
  •  ultimate gains towards 1700

ForexLive

Articles You May Like

EUR/USD GBP/USD trade Best Forex Trading System 11 OCT 2019 Review -forex trading systems that work
BOJ’s Kuroda says that central bank has various means to ease policy
The key technical barometers for some of the major currency pairs
FX option expiries for Wednesday October 16 at the 10am NY cut
Fed’s Kashkari: Wage growth is still tepid

Leave a Reply

Your email address will not be published. Required fields are marked *