Gold´s upside capped by massive resistance

Gold´s upside capped by massive resistance

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Orlando Gutierrez

Updated: 13 October 2022

Key Resistance: 1740 – 1745
Key Support: 1720 – 1700

Gold has been trading in a pullback structure since the beginning of March with the highs being at the previous week´s highs around the 1755 level.
Now price has printed 2 new lower lows but still making higher highs. This means price is contracting inside of a wedge.

The upside is capped by the weekly pivot, the 50% retracement of the last leg down and the overall bearish structure. With the DXY (US Dollar Currency Index) rallying and testing the previous week´s highs for a possible breakout, the downside in Gold is where the highest probability setups lands.

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