Gold Outlook - 18 October 2019

17 oct 2019

Hi Guys,

May all have a great trade yesterday...

As for today, refering to the chart below (H4), I can see that gold is making a bullish pennant pattern... A break above or below the orange line will drive further movement...

https://www.tradingview.com/x/pdKl0T9p/

Looking at the H1 chart, gold still hovering around the mid point (1495) even with crazy movement yesterday...

https://www.tradingview.com/x/nvuM66WC/

At this point, my bias is neutral... Brexit deal is a go... Thus, expect gold to be volitile downwards... Key point to monitor are 1475 (support) and 1509 (resistance)... Break in any direction would results to a big movement...

As for today, my suggestion are as follows;

1. Set SELL limit 1474 with TP 20/30 points
2. Set BUY stop at 1510 with TP 20/30 points
3. Scalp between 1475 - 1509 range with close monitoring on candle movement and pattern
4. Trade after China data released

All the best... Trade safe...