FXstreet.com (Barcelona) - According to Slobodan Drvenica, an Analyst at Windsor Brokers Ltd., “Gold’s near-term price action has moved sideways and is entrenched within the 1765 -1775 range, as a bounce off its low of 1756 seems to lack momentum for stronger recovery.
“The subsequent range floor is reinforced by 4h Ichimoku cloud base and Tenkansen line, with any further progress requiring clearance of 1780 (09 October high/Fib 61.8% of 1795/1756 downmove”. Conversely, a violation of 1765 higher base, would risk a retest of strong support and larger range floor at 1755.” Drvenica suggests.
In these moments the price of Gold has settled in the zone of USD $1765.86 down USD $2.94 or -0.17% on the day.
“The subsequent range floor is reinforced by 4h Ichimoku cloud base and Tenkansen line, with any further progress requiring clearance of 1780 (09 October high/Fib 61.8% of 1795/1756 downmove”. Conversely, a violation of 1765 higher base, would risk a retest of strong support and larger range floor at 1755.” Drvenica suggests.
In these moments the price of Gold has settled in the zone of USD $1765.86 down USD $2.94 or -0.17% on the day.
