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Gold News Update - 26 October 2018

26 October 2018

PRECIOUS METALS RANGES: Trade Date- October 25th 

Gold (USD)

COMMENTS:
XAU/USD continues to baulk ahead of the USD 1238.65 level (the 38.2% Fibonacci retracement of the USD 1365.40 to 1160.25 move) but remains within striking distance near the top end of its 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, 1272.80 & 1287.00 remains favoured (once a close above USD 1238.65 is obtained). While any possible (but not probable?) pullbacks into the USD 1203.00 / 1213.00 region should be well supported.
 
Gold (AUD)

COMMENTS:
XAU/AUD price action remains strong and while a move to the May 9th high ($1768.75) is favoured, there is scope for significant mean-reversion back to the $1706 level should ‘late to the party’ longs be shaken out.
 
Silver (USD)

COMMENTS:
XAG/USD remains uninspiring despite the market holding above its 55 Day moving average. 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. The potential for ‘stale’ long liquidation increases however, the longer the current somnolent price action continues.
 
Silver (AUD)

COMMENTS: 
XAG/AUD falters just beneath the $20.90 level for the moment but increasingly looks like it has the potential to trace out a ‘V’ shaped recovery of the mid-June to late September slide in values (i.e. $23.0875 > $19.5125 > $23.0875), if and when the 200 Day moving average at $21.12 can be surpassed.

Kind regards,
Andre
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