Daily analysis of Gold for October 18, 2017

GOLD-12.17H4.png

Overview

Gold price is trading lower, heading for the key support at 1,281.17. Traders are advised to excercise caution in the short term, as settling below this level will extend Gold price losses to reach 1,263.15 in the upcoming period. In general, we will keep today's bullish scenario valid on condition of holding above 1,281.17. Let me remind you that our initial targets begin by breaching 1,299.20 followed by 1,305.00 to open the way to head towards 1,321.49, followed by 1,357.53 on the near-term basis. The expected trading range for today is between 1,280.00 support and 1,305.00 resistance.

The material has been provided by InstaForex Company - www.instaforex.com