GOLD (XAU/USD) Weekly Outlook - key resistance to be broken for the rally to be started
23 October 2015, 18:11
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Weekly price is on bearish ranging within 1191.48 key resistance and 1077.19 key support levels:
- symmetric pattern was formed by price to be broken for direction;
- nearest support levels to be broken are 1098.68 and 1077.19;
- nearest resistance levels are 1191.48 (W1) and 1285.57 (W1).
| Resistance | Support |
|---|---|
| 1191.48 (W1) | 1098.68 (W1) |
| 1285.57 (W1) | 1077.19 (W1) |
- if weekly price breaks 1191.48 resistance so we may see the secondary rally within the primary bearish market condition;
- if weekly price
breaks 1285.57 resistance so the bullish reversal may be started;
- if weekly price breaks 1077.19 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
- if not so the price will be moved within the levels.
