Technical analysis of Gold for October 10, 2018
Gold price remains trapped inside the trading range. Gold price got back in the bearish long-term channel and continues to move sideways.
Green lines – bearish long-term channel
Red lines – short-term trading range
Gold price has remained inside the trading range yesterday as well. Price is very close to the lower range boundary and support is found at $1,184. If broken we expect prices to move towards $1,175-70 minimum. Resistance is at $1,193. If broken we could see another run towards $1,200. For a break out and a move towards $1,220-40 we need to break above $1,207-11. Until this happens, price is vulnerable even for new 2018 lows.