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Gold Technical Analysis (Daily Chart) on 25th October 2016

xauusd

Gold / XAUUSD – On the daily time frame this precious metal is currently retracing from $1250 lows.

The fall from above the $1300 zone have made many gold bulls afraid to enter at these levels.

The downtrend line which is acting as resistance at the area above the $1300 zone has proven itself to be quite a strong area for the bulls to clear before we can see price northwards resumption.

Currently gold price is still trading below its moving averages. I would not do anything at this moment and would remain sidelined.

I will be looking for prices to go higher as it ascend and probably retest the $1300 level before looking for a short entry on gold.

There is not much in terms of resistance before $1300 except for the moving averages acting as resistance at this point.

Below $1250, there is also not much in terms of support all the way through to $1200.

So, I will wait out for now before taking any trades on gold.

There are many other markets that you can look to trade. Lets leave this one out for a while.

To your success!

Ardy Ismail

Pro Trader & Trading Coach

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By | 2017-01-01T13:00:51+00:00 October 25th, 2016|Categories: Forex Trading Signals, Oil, Gold and Silver|Tags: , |0 Comments

About the Author:

Ardy Ismail is a Professional Forex Trader specializing in the Forex, Gold and Stock market. He trades using both Technical and Fundamental Analysis and teach other traders how to trade using higher time frames and multiple time frames. He started trading the stock market in 1999. Seeing how trading Forex and the Gold market can be a lucrative business, he started trading these markets in 2008 and continues to do so till this day.

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