COMEX GOLD future predictions for month of October 2017

Comex gold future in month of September, closed at 1279.5$ with loss. This was first losing month for comex gold future after strong gains in July and august. In September, comex gold future hit high at 1357$ while recorded low of 1275$ and closed near low. Total almost 80$ month range and weak closing for comex gold future on profit booking as well as due to return of risk on environment in equity markets.

On daily chart, comex gold is in downtrend and trading below major short term averages with bearish price pattern and indicators. On upside 1284$ is 100 days average level and 1296$ is 20 and 50 days average level and major short term resistance zones. Daily chart RSI is at 36 and heading lower with sell signal while MACD is -3 with bearish divergence.

For month of October, comex gold future below 1305$ will remain weak and bearish. On downside comex gold future will have support as well as bearish targets around 1250$ and then 1222$ for October series if downtrend persists. If gives reversal and gives breakout above 1305$ then that will be strong buy signal for short covering rally up to 1332$ to 1385$ levels.

although all signals are bearish but to me it look like bearish trap and as indicators are near oversold territory expect sharp spurt in gold prices ahead. So wait for reversal signal and then only go long for big upside targets of 1332$ to 1385$ in October series.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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