The precious metal is up almost 2% in October, the general downtrend continues to be downwards, but the commodity is picking up some ground. However, it's facing a solid resistance at the $1,768 level.
The price trades inside the Ichimoku cloud, which indicates market uncertainty. We have seen the price move laterally for the last eight trading sessions; it's likely for the price to continue moving sideways for the short term as the price is consolidating.
The Bollinger bands are closing up aggressively. We could see lower volatility in the short term; the price trades between the bands, suggesting it's at a fair level, the price is consolidating at the 1761 levels, and it might start moving sideways for a few sessions.
The relative strength index is currently at 47%, which will allow the pair to move in either direction, the price could pick up some pace in the upcoming sessions, but it's too early to tell.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
