COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 24/10/2018 - Hit 3 month high, more to bullish

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Publish date: Wed, 24 Oct 2018, 11:24 AM
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24/10/2018

*Gold Dec 18*
 
Previous Close: 1236.8 -12.2
 
Gold jumped to a more than 3 month high as boosted by a slide in global equities and rising political and economic uncertainty.
 
Hourly chart showed gold break out from sideway and retreat from above 1240 for RSI overbought correction. Fibo retracement suggested gold will resume in rebound trend as long as 1230 level holds.
 
*Classic Support & Resistance* 
Resistance: 1244.7 1256.1
Support: 1232.5 1219.3
 
 *Recommend Trading Plan for the day:* 
1. Buy 1237.3, stop 1235, profit 1239.6/1241.9.
2. Look for technical correction sell signal below 1232.5.
 
 *Margin Requirement (per lot)* 
USD 3740
Micro: USD 374
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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