COMEX Gold Update
18 Oct - Comex Gold in Technical Rebound, We Recommend Trader to Buy With Cautious.
InvestorsDoctor
Publish date: Wed, 18 Oct 2017, 10:39 AM
InvestorsDoctor
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18/10/2017
Gold Dec 17
Yesterday close: 1287 -16
Gold fell sharply yesterday, again unable to sustain above 1300 level, after geopolitical tension eased and US stock market reached another historical high and pushed USD stronger.
Based on hourly chart with Fibonacci analysis, gold price had broke support of 1286.8 and rebound from 0.786 Fibo level, which is around support of 1281.8. MACD crossed up and RSI rebounded from oversold zone, potentially further technical rebound for gold price to retest 1300 resistance. Break 1283.3 lower low will trigger a further sell signal to previous low of 1262.8.
Price level to watch out today:
Resistance 1298.5 1300.7 1308.4
Support 1283.3 1281.8 1262.8
Recommended Trading Plan Today:
1. Buy 1289.5 with stop at 1286.5 for a technical rebound, profit 1292.5/1297.5
Watch out for sell signal if break below 1283.3.
Margin Requirement
USD 5390
Micro: USD 539
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