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Gold News Update - 23 October 2018

23 October 2018

PRECIOUS METALS RANGES: Trade Date- October 22nd

Gold (USD) 

COMMENTS:
Since breaking out of its old sideways trading range on October 11th, XAU/USD has settled into a new (higher) sideways trading band between USD 1238.65 (the 38.2% Fibonacci retracement of the USD 1365.40 to 1160.25 move) and previous major resistance at 1214.85 which is now acting as support. The recently favoured bullish stance now turns neutral with little to suggest at present other than to respect the new range. Pullbacks as deep as USD 1200.00 are possible and the market needs to move beyond USD 1238.65 to free the way to topside technical targets at USD 1262.85, 1277.25 & 1287.00.
 
 Gold (AUD)

COMMENTS:
XAU/AUD continues to ‘bang it’s head’ up against the 76.4% Fibonacci retracement at AUD 1730.10 but has yet to decisively clear the apparent ‘wood’ (resting sell orders) there for over a week now. A move into the AUD 1730 -1746.50 region (and potentially as far as 1768.75) still remains favoured however, and any dips back towards the 200 Day moving average and the 50 % Fibonacci retracement (between 1687.00 and 1693.50) should remain well supported.
 
Silver (USD)

COMMENTS: 
XAG/USD continues to see insipid price action in spite of holding above its 55 Day moving average. A move and close beyond the $14.7350 / $15.00 region is needed to provide a degree of confidence that the market can sustain further advances towards some meaty upside technical targets at USD 15.19/15.23, 15.47, 15.63 & 16.03.
 
Silver (AUD)

COMMENTS: 
XAG/AUD stays capped just beneath its 100 Day moving average ($20.79) and the 38.2% Fibonacci retracement at $20.8775. Bullish speculative interests await a move and close beyond AUD 20.88 in the hope that this will trigger a sustained advance towards technical targets at $21.15, $21.30 and $21.72. Buying on dips remains favoured.

Kind regards,
Andre

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