Technical analysis of Gold for October 11, 2018
Gold price remains inside the trading range of $1,180-$1,210. Price is trying to make higher highs and higher lows. Bulls could see $1,220-40 area if we break above $1,207-11. Support so far is held but a break below $1,183 would be a bearish sign and could give Gold a push lower by at least 10$.
Green lines – long-term bearish channel
Red lines – trading range
Gold price although it is moving out of the long-term bearish channel, will need to break above $1,211 to make a strong bounce higher. As long as price is below $1,211 there is still a danger of pushing to new lows. Support is at $1,183. Resistance is at $1,207 and next at $1,211.