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Gold News Update - 24 October 2018

24 October 2018

PRECIOUS METALS RANGES: Trade Date- October 23rd

Gold (USD)

COMMENTS:
XAU/USD poked its head marginally above USD 1238.65 yesterday (the 38.2% Fibonacci retracement of the USD 1365.40 to 1160.25 move) but retreated by the close as profit taking emerged, ensuring that the market remained within the newly established sideways trading range between there and previous major resistance at 1214.85 (which is now acting as support). Sideways consolidation seems likely for a bit longer but overall an eventual bullish move towards technical targets at USD 1262.85, 1273.75 & 1287.00 remains favoured (once a close above USD 1238.65 is obtained). While any possible (but not probable?) pullbacks into the USD 1202.00 / 1209.00 region should be well supported.
 
Gold (AUD)

COMMENTS:
XAU/AUD cleared the recent ‘wood’ at the 76.4% Fibonacci retracement at AUD 1730.10 and found wings as the favoured technical view that the market would move into the AUD 1730 -1746.50 region (and potentially as far as 1768.75) played out, sending XAU/AUD beyond the June 15th high at AUD 1746.50 to a high of AUD 1754.25 yesterday. Given the length of the upper shadow on yesterday’s candlestick as profit taking saw gains significantly pared by the close, caution is warranted with the possibility that ‘late to the party’ longs could be flushed out as far back as AUD 1710. Equally probable however, is that market regroups and takes out yesterday’s high on its eventual way to the May 9th high at AUD 1768.75.
 
Silver (USD)

COMMENTS: 
XAG/USD benefitted from the updraft seen in gold yesterday but price action remains relatively uninspiring in spite of holding above its 55 Day moving average. While the market managed to locate itself adjacent to the $14.7350 level, a move and close beyond $15.00 is required to provide a degree of confidence that further advances towards some meaty upside technical targets at USD 15.19/15.23, 15.47, 15.63 & 16.03 can be triggered and sustained.
 
SIlver (AUD)

COMMENTS:
XAG/AUD briefly burst beyond its 100 Day moving average ($20.79) to a high of $20.97 yesterday, before gains were pared and a close was seen right at the 100 Day moving average. An advance to the 200 Day moving average at $21.13 and the 50% Fibonacci retracement (of the $23.0875 to $19.5125 move) at $21.30 is favoured.

Kind regards,
Andre

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