Talking Points:
- Gold Prices Consolidate for 4th Session
- Intraday Support for Gold Found at $1,257.17
- Looking for additional trade ideas for Gold? Check out our Gold Trading Guide
Gold prices are continuing in a holding pattern, consolidating now for the fourth consecutive trading session. This stall in price action continues despite yesterday’s release of minutes from the Fed’s September meeting. Technically, values of support and resistance may be found by referencing the high and low from the October 7 daily candle. This places support for Gold prices at $1,241.27, while resistance may be found above $1,265.34. Traders waiting for a breakout in Gold, may continue to monitor both of these values to determine the commodities next chose direction.
Gold Prices 1 Day, Support $1,241.27
(Created using TradingView Charts)
Intraday values of support and resistance for Gold prices includes today’s R3 Camarilla pivot at $1,257.32. Prices are currently trading near this value and they are acting as range resistance for the commodity at present. If Gold prices remain below this value, traders may look for them to decline back towards key values of support. This includes the S3 Camarilla pivot found at $1,257.17. In the event that the price of Gold trades below this point, traders may begin looking for bearish breakouts below $1,249.57. A move through this final value of intraday support should be seen as significant as it would open up Gold prices to then test the previously mentioned value of daily support. Alternatively, Gold bulls may begin looking for bullish breakouts above today’s R4 pivot at $1,259.90.
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