Technical Analysis (Gold) : XAU/USD 16 October 2020

Forex Technical Analysis : XAUUSD (Gold)

Date : 16 October 2020

Pivot point : 1898.00

Our preference : long positions above 1898.00 with targets at 1913.00 & 1920.00 in extension.

Alternative scenario : below 1898.00 look for further downside with 1889.00 & 1882.00 as targets.

Comment : even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances :

1925.00 **
1920.00 *
1913.00
1903.55 – Last price
1898.00
1889.00 *
1882.00 **

Warning : This information isn’t a buy-sell signal. Please use this information for the trade guideline.

Source : Trading Central

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