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Gold Technical analysis: 1208.00 will determine the amount of decline today

31 Oct 2018 03:52 PM

We are seeing negative signals on the daily chart of the price action, which means that the price will continue to decline today. But at the same time, we should know that the 1208.00 level is the one that will determine the amount of decline. A break of 1208.00 will cause an extension in the bearish direction to reach levels around the psychological barrier 1200.00.

However, if the price of gold returns to stability above 1226.00, then the downside potential will weaken today.

From here, we think it might be good to sell gold below 1220.00 with the expectation of taking profit in two stages at 1210.00 and 1202.00 and stop loss above 1230.00. However, in case of failure to hold below 1208.00, we will close the entire financial position

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