GOLD WEEKLY ANALYSIS – GOLD MARKET WAITNG FOR CLUES

Oct 18,2019

By Oliver
Garcia

Twitter: @ogfxtrader

GOLD WEEKLY ANALYSIS – GOLD MARKET
WAITNG FOR CLUES

Since our last gold market analysis, the precious metal has been
working in the formation of a falling wedge, testing key support level, and
fighting market adversities. From previous falling wedge formation from
February to May, it continues a solid uptrend finding resistance at 1,500s
level.

MACD is signaling a prompt to happen to buy signal where its volume
has been getting close to the middle level, altogether with the Stochastic able
to fight the overbought condition. From a technical point of view, the gold
market still presents all requirements for an uptrend continuation heading to
the next key level at 1,600s.

From the fundamental perspective, the whole market uncertainties
about the Brexit deal drama, apparently is coming to an end, let’s wait for
tomorrow Parliament approval. US and China trade talks agreement on Phase 1, a
tweet from Trump pleased by the accomplishment, recent data release about the
weakness of the US indicators, have provided the needed support for the
safe-haven although with much less volatility as previous weeks.

As the mentioned markets uncertainties continue, investors will
still hold their safe-havens assets without losing appetite for the precious
metal.

Interesting week ahead.

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GOLD WEEKLY ANALYSIS – GOLD MARKET WAITNG FOR CLUES

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