Gold analysis – 23 Oct 2019

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By: Ahura Chalki

Brexit, the story that does not want to end!

UK parliament approved the principles of Brexit deal, but not Johnson’s fast-track timetable. Which means, technically the UK, will not leave the EU without a deal, now, but it will not be on 31 Oct. as Boris promised. After all, trade-deal hopes have been ineffective by Brexit uncertainty and the Gold price rose higher. As things go forward, at least by the end of October, still we have Brexit effects on assets, FX and commodities market, as the risk appetite still raising more. On the other hand, Trump still believes that there is a very high possibility of getting trade talks to some reasonable points.

Technical overview:

Technical indicators at H4 chart, mostly remain of side movement, while they support the bulls at the H1 chart. Candles forming between the middle and upper line of BB, with positive signals. EMA crossing strategy starting a bullish signal with crossing above the EMA50 by EMA 20 at $1487, while RSI moves above 50-level to support the bulls, as well. Key support levels still are at $1492, $1498, while $1484 and $1479 are key resistance levels.

Pivot point: 1486.33

Resistance levels: 1491.94 / 1495.53

Support levels: 1482.24 / 1477.13

Today the expected trading range is between 1477.13 support and 1495.53 resistance.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

 

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