The rejection of the low of 1288 on 25SEP and a close above the 22SEP high confirms last Thursday's interim low of 1287. Note the 8x1 angle from the July high of 1375 which shows a price of 1286. Major support is now at the 2x1 angle from the SEP11 high of 1920 which indicates a price of 1302.
On the weekly chart support is 1296 and resistance 1307. A weekly close above 1307 indicates 1334 as the next target anticipated for October.
The daily chart indicates a close above 1310, the 33% re-tracement of the current swing, favors a move to 1322 before resistance of the 50% re-tracement and 3x1 angle (33%) from the high of 1357.
Gold is a buy at 1298,1300 or lower.
On the weekly chart support is 1296 and resistance 1307. A weekly close above 1307 indicates 1334 as the next target anticipated for October.
The daily chart indicates a close above 1310, the 33% re-tracement of the current swing, favors a move to 1322 before resistance of the 50% re-tracement and 3x1 angle (33%) from the high of 1357.
Gold is a buy at 1298,1300 or lower.
Yorum:
27SEP--unexpected overnight action. however, note how the 8x1 angle still offers support.