As US government goes for shutdown Commodities Gold and Silver are getting hammered. One of the reason by commodity traders are No regulators looking at markets due to government shut down. Let see whats in for gold in coming few days.
Gold Hourly Chart
Gold hourly charts taken from MT4 platform try to break its downward falling channel but failed to do so as shown in above chart. Gold is heading towards its intermediate swing bottom of 1272. Resistance on upside comes to $1343. Fall was not backed by huge volumes so expect pullback in todays session.
Gold daily MT4 platform charts are stuck in fibo channel of 1248-1327. Except volatile moves in this range for some time before a decisive move ahead.
Gold weekly chart hasve taken support at its 50% retracement as shown in abvoe MT4 Gold weekly chart.ON Weekly time frame gold is stuck between its 50% and 38.2% retracement.Weekly RSI is also taking support at its trendline.
So best strategy for gold is buy in range of 1270-1280 and Sell in range for 1340-1350.