You are here:Home-Forex Trading Signals, Oil, Gold and Silver-Gold Technical Analysis (Daily Chart) on 25th October 2016

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

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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 Professional Forex Trader and Forex Coach specializing in the Forex and Futures markets. He trades using both Technical and Fundamental Analysis and has a deep understanding of risk and money management strategies. He has been trading the Forex market since 2008 and shares his analysis of the market on this site.

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