Oct 26 2017

Technical View – Gold(XAUUSD)

Gold extended previous session’s pull-back from 3-week lows and edged higher through early European session on Thursday. Currently hovering around $1280, the metal continues to find some resistance near the $1283-84 region, which if cleared could accelerate the up-move towards $1290 supply zone ahead of $1294 hurdle. On the flip side, 100-day SMA near the $1276-75 region is likely to protect the immediate downside, which if broken could drag the commodity towards $1268 level en-route two-month lows support near $1260 area.