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October 28, 2021

Can Gold Ride This Trend Line To Monthly Highs?

Frank Cabibi

10/28/2021

Despite the beat in the US's unemployment claims, gold is still climbing on the day as the metal touched as high as $1809 before a minor retracement. This week marks the fourth week of jobless claims beats which is also boosting the equities market as well.

Our outlook

This could be a good sign for gold here as technical indicators are also helping price out. COT data shows an increase in buying futures contracts possibly due to the fears of inflation that have yet to reside from the minds of careful investors. And the fundamentals make a good case for the technicals to work out as well.

Trade setups

XAUUSD

Gold is climbing today after bouncing up from the support level around the $1780s. It's now starting to look like there is a decent trend line to the upside that price is obeying pretty well, which could help bring price higher than $1812 at some point. If not, price could range around the $1780s and $1820 range, although it looks like this strong upward trend line can take price higher.

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