the daily chartist

GOLD XAU/USD recap for 09.10.2015

published 5 years ago
Gold Daily

 Gold has never felt good this way since a long time as risk-off, USD weakness and gold glut has pushed the price to 1155.081, broke it a bit and moved beyond for a close higher at 1159.655 and is entering deep into the supply zone. Gold is in an uptrend by my view, though a bit choppy. Still price may move up to 1160.500 and even to 1170.321 if gold strength remains. This move will depend if the price will hold its ground now as it is moving into the sell zone, casting a shadow on the momentum and forming a possible future correction back to 1141.949 or a more serious move down to 1125.792 - the bottom line support. Wait for a correction and buy the dip.