Technical Pulse: Gold Spot October 10, 2019 557

Click to enlarge

 

Based on our technical analysis, the long term trend for gold is still bullish. However, it may enter into a short correction in the near term.

  • There is a bearish shooting star below 78.6% of 05-1533.33.
  • Head and shoulder formation.
  • Tightening of the Bollinger band. This may signify a bearish breakout.
  • The key rebound areas are located at the demand level at 78.6% and 88.6% of 50-1557.08.

 

CHART LEGENDS

Bollinger Bands

Red dotted line = Upper band

Blue dotted line = Middle band

Green dotted line = Lower band

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.

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