COMEX Gold Update
31 Oct - COMEX Gold Hit 9 Days Resistance, Trader Please Get Ready
InvestorsDoctor
Publish date: Tue, 31 Oct 2017, 04:56 PM
InvestorsDoctor
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31/10/2017
Gold Dec 17
Yesterday closed: 1277.4
.
Gold prices were largely unchanged on Tuesday after Bank of Japan keeps its monetary policy steady. Market attention to England central bank meetings and eyes on US Federal Reserve Policy meeting beginning today. The announcement of the next US Federal Reserve’s chair likely on Thursday and US payrolls data on Friday. Ongoing political unrest in Catalonia was also in focus.
Based on the hourly chart, price traded higher last night and hit the downward channel resistance. The sideway price movement remained intact until price breakout from the range (refer to chart). Gold Price has been trading in the channel for 9 trading days.
Price level to watch out today:
Resistance 1279.9 & 1284
Support 1275.8 & 1273.7
Recommended Trading Plan Today:
1. Sell at lower low 1275.8, stop 1279.9, exit at 1271.7 or 1264
2. Buy if price trade higher than 1279.9, stop at 1275.8, 1284
Margin Requirement (per lot)
USD 5390
Micro: USD 539
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