GOLD: The bulls want even more! 🔴 The current gold analysis on October 14th, 23 🔴 Chart analysis, weekly outlook and trading setups

ABSTRACT: The chart picture for gold has turned bullish within two trading days. The upward movement on Friday can be interpreted as bullish without reservation. As long as gold can stay above the SMA200, things could continue to rise. Conceivable starting goals are defined on a daily basis.

• Current gold analysis on October 14, 2023: Chart analysis, weekly outlook, trading setups and more – for active day traders

• Latest news about gold Trading 🔴 Gold Trading Ideas 🔴 Gold Forecast & Outlook

Gold Review: (09.10.2023 – 13.10.2023)

gold was trading at $1,851.6 on Monday morning. The precious metal was 12.20 US dollars above the level on Monday morning of the previous week and 22.30 US dollars above the weekly closing on Friday evening. Gold was able to gradually increase in the first few days of trading, although the upward impulses had a manageable character. It wasn’t until Thursday afternoon that major sales occurred that were not immediately bought back. Until then, setbacks had been bought back comparatively quickly. On Friday the buying pressure increased massively. It continued dynamically and with momentum into later trading at and above $1,925. The precious metal was lost $1,928.2 from weekly trading.

The weekly high was again above the $1,900 mark, the weekly low was well above the previous week’s level. The Weekly profit of almost 100 US dollars is the largest since week 11/2023, In percentage terms, that’s around an impressive 5.4% in just one trading week! The range was also reasonable at $86. This was above the previous week and above the annual average.

On the upside, we had expected gold to reach our maximum run-up target at $1,895.4 when it crossed the $1,892.7 mark. This movement has occurred, the maximum starting target has been reached and clearly exceeded, The setup didn’t work – but the general assumption of a recovery worked!

Gold – What could happen next:

Gold resistors

• 1,929.4
• 1,932.5
• 1,938.1
• 1,948.9
• 1,962.1
• 1,964.8
• 1,972.2
• 1,974.5

Gold supports

• 1,900.7
• 1,897.9
• 1,896.9
• 1,883.8
• 1,879.0
• 1,877.7
• 1,851.7
• 1,849.4
• 1,810.3

The most important brands based on our gold setup:

• Intraday mark 1,947 and 1,871
• Daily closing marks 1,977 and 1,723
• Break1 Bull (Where-End) (1,916)
• Break2 Bull (Mon end) (2,041)
• Cyclical movements 2020 – 2033
• Box range 2,223 to 1,087
• Range 2,484 to 746

Gold chart check – viewing in the daily / 4h chart:

DAILY

The daily chart shows that gold was able to stabilize after the setback at the end of the last trading week. Tentative recovery movements already emerged at the end of the last trading week. At the beginning of this trading week there was a gap up initially to the area of ​​1,840 US dollars and from here it rose moderately. On Friday of the last trading week there was a dynamic upward trend. In the course of this, the SMA20 (currently at 1,877.7 US dollars), which was still a cap the day before, was overcome. As trading continued, it went above the SMA50 (currently at 1,900.9 US dollars), and by late trading on Friday it even reached the SMA200 (currently at 1,929.4 US dollars).

Due to the movement on Friday, the daily chart has brightened significantly, but what now matters is whether gold manages to push above the SMA200 and then hold on. If this were to succeed, it would still be important that things continue to improve in a timely manner, ideally dynamically. Conceivable starting targets could be 1,932/34 US dollars, 1,936/38 US dollars and, above all, 1,960/62 US dollars.

However, if the movement via the SMA200 fails, setbacks could initially occur up to the SMA50. If this line does not hold as support at the end of the day, the SMA20 could still provide support in the event of further setbacks.

• Classification of higher-level chart image, forecast (Daily chart): neutral/bullish

View in the 4h chart:

In the last few trading days, the precious metal was able to initially push above the SMA20 (currently at 1,879.0 US dollars) and then move upwards. There was another small setback, but this was bought back promptly. At the end of the week, it went from the SMA20 dynamically and with momentum to the SMA200 (currently at 1,897.9 US dollars), above which gold was also able to establish itself.

This means that the chart picture has brightened bullishly within two trading days. The upward movement on Friday can be interpreted as bullish without reservation. As long as gold can stay above the SMA200, things could continue to rise. Conceivable starting goals were defined on a daily basis.

If setbacks occur, they could initially reach the SMA200 area and would be interpreted as uncritical as long as the precious metal manages to stabilize and recover within the orbit of these lines. However, if this line is abandoned again, the SMA20 could offer further support in the event of setbacks. If gold were to settle below the SMA20 again, the chart picture would become cloudy.

• Classification of short-term chart image, forecast (4h): bullish

Conclusion: Gold must establish itself above the SMA200 at the end of the day and, if possible, continue to move upwards quickly. If this happens, it could continue upwards towards 1,960/62 US dollars. The daily chart would become more cloudy if the day closed again below the SMA20.

The chart image with the move-up looks impressive. We assume the cops want even more!

• Probability of a bull scenario based on our setup: 55%
• Probability of bear scenario based on our setup: 45%

Assessment for the new gold trading week:

Long setup: Gold could initially try to stay above $1,928.0. If this succeeds, it could continue upwards to our next target levels at 1,930.2, at 1,932.4, at 1,934.7, at 1,935.2, at 1,938.1, at 1,940.0, at 1,942.4, at 1,944 .3, at 1,946.2, at 1,948.7, at 1,949.8, at 1,951.9 and then at 1,953.8 US dollars. Above the $1,953.8 level, our next target targets would be 1,955.7, 1,957.5, 1,959.6, 1,960.7, 1,962.1, 1,964.8, 1,966.4 1,968.1, 1,970.4, 1,972.2, 1,974.5, 1,976.1 and 1,978.2 respectively.

Short setup: If gold cannot stay above the 1,928.0 US dollar mark, the precious metal could initially reach our next starting targets at 1,926.1, at 1,924.9, at 1,922.4, at 1,920.7, at 1,919.7, at 1,918.4, at 1,916.2, at 1,914.4 and then at 1,912.2 US dollars. Below the $1,912.2 mark, our next target targets would be 1,910.2, 1,908.3, 1,906.4, 1,904, 1,902.2, 1,900.7, 1,898.8, 1,897.9 , at 1,896.9, at 1,894.1, at 1,892.3, at 1,890.1 and at 1,888.7 US dollars, respectively.

Overarching expected gold trend in week 42/2023:

Sources: xStation5 from XTB

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