You are here:-, Daily Technical Strategy-Gold Technical Analysis (Daily Chart) on 25th October 2016

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

If you have found this article useful, you might want to gain access to our unbelievably awesome 6 Modules FX Ninja Course.

I will take you along a learning journey that you will definitely make you a better trader.

In the FX Ninja Course, I will show you how the Forex market works and what kind of skills you need to develop in order to become a successful Forex trader.

Its created for both beginners and more experienced traders.

See you in the inside! Click here ===> Trade like a Forex Ninja Course

By | 2017-01-01T13:00:51+00:00 October 25th, 2016|Categories: Commodity Technical Outlook, Daily Technical Strategy|Tags: , |0 Comments

About the Author:

Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com

Leave A Comment

X

Forgot Password?

Join Us

Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.