November and December are seasonally the strongest months of the year for gold, with October traditionally the weakest.
We appear to be forming a bottom at 1700 for this October correction, and seasonal factors are now with the bulls. The key resistance level on the charts is 1730, once this level is overcome the bottom can be confirmed and the price will rise further, possibly retesting 1800.
We have decisively broken out of the downtrend channel and momentum indicators are rising.
Today's video looks at the trading action of the last few days and some further areas of resistance that gold can expect to encounter.
We appear to be forming a bottom at 1700 for this October correction, and seasonal factors are now with the bulls. The key resistance level on the charts is 1730, once this level is overcome the bottom can be confirmed and the price will rise further, possibly retesting 1800.
We have decisively broken out of the downtrend channel and momentum indicators are rising.
Today's video looks at the trading action of the last few days and some further areas of resistance that gold can expect to encounter.