17.10.201607:06 Forex Analysis & Reviews: Gold Technical Analysis for October 17, 2016.

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Technical outlook and chart setups:

Gold had dropped lower towards $1,245.00 level on Friday before pulling back. The metal is seen to be trading at $1,254.00 level for now and should be looking to rally from here. The wave structure also indicates that the counter trend rally is expected to terminate around the past support turned resistance zone at $1,304.00/10 levels, which is fibonacci 0.50% of the entire drop between $1,375.00 and $1,240.00 levels as depicted here. Also note that the broken support trend line would act as resistance now around the same levels. It is recommended to remain flat now and look to sell around $1,300.00/10.00 levels again, while aggressive traders should look to go/remain long with risk below $1,240.00. Immediate resistance is now seen at $1,305.00/10.00 levels, while support is at $1,240.00 level respectively.

Trading recommendations:

Remain flat for now. Aggressive traders remain long now with stop at $1,240.00 level, targeting $1,310.00.

Good luck!

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