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18.10.201909:00 Forex Analysis & Reviews: Trading plan for Gold for October 18, 2019

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Technical outlook:

The yellow metal continues to consolidate in a tight range just below the $1,500 mark. Looking into the wave structure, a minimum rally above the $1,520 levels remains quite possible, if not towards a new high. After printing new highs at $1,557 earlier, Gold had produced a corrective Zigzag drop towards $1,458 levels. This completes a minimum requirement for the correction to be called complete at $1,458. If the retracement is complete at $1,458, prices shall stay above that and continue pushing higher probably towards $1,580/90 levels. Another possibility remains that Gold is carving a more complex corrective structure and prices may drop deeper towards $1,440 and $1,400 levels respectively. Either way, a short-term rally towards $1,520 levels always remains a probability, until prices remain above $1,458.00 levels respectively.

Trading plan:

Remain long against $1,458, targeting $1,520 at least.

Good luck!

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