The following is a daily technical analysis, October 28, 2024. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results.
 
In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

USDJPY


USD/JPY on the daily period is above the second resistance area at 152,900, trying to move up towards the third resistance area at 153,420 until it reaches the next resistance area at 154,000. Meanwhile, the RSI indicator is above the pivot area or overbought, so the yen has the potential to move up first before correcting to the bwah.

Suggest: Sell 153.500 TP1 153.000 TP2 152.500 SL 154.000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

151.822

152.377

151.450

152.230

151.820

0.410

0.27%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

153.420

152.900

152.490

151.970

151.560

151.040

150.640



XAUUSD


Gold prices in the 4-hour period are above the pivot area at 2735.60, trying to move up towards the first resistance area at 2754.20 to the second resistance area at 2763.60. Meanwhile, the RSI indicator is above the pivot area or heading towards the overbought area, so the price of gold has the potential to move up first before the correction falls.

Suggest: Sell 2745.00 TP1 2735.00 TP2 2725.00 SL 2755.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2735.53

2745.05

2717.03

2744.80

2736.01

8.79

0.32%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2782.20

2763.60

2754.20

2735.60

2726.20

2707.60

2698.10



CLSK (OIL)



Oil prices in the daily period are above the third support area at 68.45, there is a chance to move up to the second support area at 69.20 to the first support area at 70.40. Meanwhile, the RSI indicator is below the pivot area, so oil prices have the potential to move down first before rebounding.

Suggest: Buy 68.00 TP1 69.00 TP2 70.00 SL 67.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

70.32

71.90

69.95

71.60

70.48

1.12

1.59%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

74.30

73.10

72.35

71.15

70.40

69.20

68.45



So, that's the explanation of "Technical Daily Analysis: October 28, 2024 – Safe Haven Assets Correction". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook guidebook. Make sure, download GIC Mobile Apps on the Google Play Store.