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Daily Gold Update- Selling Pressure Before The Next Rally

 

Tody's Gold Update on October 18, 2021:

- After the precious metal Gold touched MA20 on the weekly chart as well as the descending trendline channel extending from June 1, 2021, until now, as analyzed at the end of last week Gold has dropped sharply from 1796 to 1764 ($32).  Closing the week with a long bullish candle so in my opinion at the beginning of the week there will still be selling pressure before the next rally.


- Switching to the daily time frame, we can see that the selling force of Gold on Friday dominated quite a lot and is showing signs of a slight recovery and we can wait to buy around 1767.  With the target 1778-1782.  Here we liquidate the order and wait for a sell signal.  At that time, the team will update the signal to watch.

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