Gold Technical Outlook: Is Pressure Ahead?
Sunil Kumar Dixit | Oct 22, 2019 12:34PM ET
Amidst all the high voltage drama of BrexitNo Deal Brexit, US-China Trade Tariff War and Fed Rate Cut Trinity, traders, big and small, have been juggling to and fro which side the yellow metal turns its neck.
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More interestingly, the yesterday's candle on Daily charts took support near 100 Day SMA and starts to wait looking up for the day.
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Bearish Scenario: If the precious metal decisively breaches 100 Day SMA 1476, way is open for a direct fall to 1440 areas.
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Bullish Scenario: If upmove takes the metal above 1507 and sustains above it, expect strong rally towards 1520-1535-1555 & 1575.
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Here it is very important to be alert that just crossing above 1507 doesn't mean you should jump and start buying. A spike above 1507 and flash fall might happen and that would mean stops yes massive stops have been triggered. Actual buyers will start joining the rally above 1520 and the metal will turn very bullish above 1535 and that will be a real bad time for bears who are net short.
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On H4 time frame Gold looks attractive for short gains as stochastics point positive but Daily and Weekly advises caution and neautrality untill strategic levels are decisively breached
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Summary:
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Below 1476 expect 1440
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Above 1507 expect 1520-1535-1555 & 1575
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In the middle, play safe,mind your capital, exercise Risk Management.
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