COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 28/9/2018 - Hit more than 1 month low after bullish economic data & higher USD

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Publish date: Fri, 28 Sep 2018, 11:10 AM
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28/9/2018

 
*Gold Dec 18*
 
Previous Close: 1187.4 -11.7
 
Gold fell sharply to more than 1 month low last night on firm USD after interest hike and as pressured by more to bullish US economic data. 
 
Daily & hourly charts showed gold break down from sideway, likely to test further support level. From Fibo retracement of swing 1167.1-1220.5, gold price now testing 38.2%, which is around 1187.5, close below 1185.6 to trigger further downside. 
 
*Classic Support & Resistance* 
Resistance: 1197.7 1208.8
Support: 1178.5 1167.1
 
 *Recommend Trading Plan for the day:* 
1. Buy 1189.1 for technical rebound, stop 1187.7, profit 1190.5/1191.9.
2. Look for sell signal below 1185.6.
 
 *Margin Requirement (per lot)* 
USD 3410 
Micro: USD 341
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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