gold forecast 18-09-2018

Weekly Gold Forecast 17-Sep to 21-Sep 2018

Gold prices inched down early on Tuesday after rising minorly on Monday as Trump trade war continues against China imposing news 200$ Billion worth imports Tariffs. You can also subscribe Gold trading tips for free with us.

 

Gold Fundamental Movers:

1. Spot gold fell 0.1 percent at $1,199.20 an ounce

2. The number of net-short positions held by money managers in Comex gold futures is near their highest ever, according to data from the US Commodity Futures Trading Commission.

3. President Trump on Monday Imposed another $200 Billion Duty

4. Yuan was .25 percent down

5. Among other precious metals, spot silver fell 0.4 percent to $14.10 an ounce. Platinum was steady at $796, while palladium was flat at $983.40.

6. Physical Gold Prices In Dubai Also Falls as investor turns for the dollar as safety 24k gold was priced as Dh145 Whereas 2k gold at Dh136.25 in Dubai

 

Gold Technical Analysis and Chart:

gold forecast 18-9-2018


 

1. Spot gold is holding bear trend from last 4 week

2. Gold below 38.2 Fibonacci Level

3. RSI is Natural Level

4. Gold is in range bound from one month with high of 1214.50$ and low of 1287.50$ Forming Rectangular Pattern In 4-hr Chart Any Breakout above 1212$ or Below 1187$

 

Key Levels To Watch:

Resistance 1: 1,204.10, August 3 swing low

Resistance 2: 1,211.17 July 19 low

Resistance 3: 1,214.30 August 28 high

Resistance 4: 1,217.89-1,220.90 zone, August 6 high and July 18 low

Resistance 5: 1,225.90 July 17 low

Support 1: 1,194.30 March 10, 2017 low

Support 2: 1,189.49 September 4 low

Support 3: 1,172.82 current 2018 low

Support 4: 1,145.20 March, 1 2017 low

 

Potential Trade Idea:

BUY GOLD ABOVE  $1214 WITH STOP LOSS OF $1207 TARGET 1228-1236

OR

SELL GOLD BELOW $1287 WITH STOP LOSS OF  $1296.5 TARGET $1178-1176

 

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