Baxia Markets
October 13, 2021

Gold resumes a temporary uptrend after a pullback.

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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.


Gold Oct 11th 2021

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.


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