October gold was higher overnight
October gold was higher overnight as it extends the rebound off Monday’s low. Stochastics and the RSI are turning neutral hinting that a low might be in or is near. Closes above last Thursday’s high crossing at 962.00 are needed to confirm that a short-term low has been posted. If October renews Monday’s decline, the reaction low crossing at 926.50 is the next downside target. From a broad perspective, October gold has been locked in a broad trading range since February. Closes above 1008.70 or below 870.00 are needed to confirm a breakout of this year’s trading range and point the direction of the next trending move. First resistance is the 20-day moving average crossing at 948.60. Second resistance is last Thursday’s high crossing at 962.00. First support is Monday’s low crossing at 930.20. Second support is the reaction low crossing at 926.50.
Categorised as: Gold News