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Gold Technical analysis: the probability of some decline under the influence of the important resistance

29 Oct 2018 02:38 PM

The price of gold was unable to hold above the important resistance 1238.00, which may cause a correction to lower the price of gold today. However, the downside correction will depend on the ability of the price to achieve trading under sub-support 1218.00.

From the top, just breaching 1238.00 and stability above it is able to fail the descent and restore the forces of the bullish trend again.

From here, we think it might be good to sell gold around 1230.00 with the expectation of taking profit in two stages at 1222.00 and 1210.00 and stop loss above 1240.00. However, in case of failure to hold below 1218.00, we will close the entire financial position.

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