XAUUSD Technical Analysis 18.10.2022 1h chart

– Gold rallied from Market open (Asian Open) retesting the previous Daily Support formed on 12th October 2022 at around 1666, then price formed Resistance on the Hourly timeframe at New York Stock Exchange open as price rejected the 4h Resistance.
– Buys on close above 1653.300 targeting 30min Resistance at 1658.300, Leaving Runners to the 1h Resistance formed at 1663.500.
– Sells on close below 1647.000 targeting 1h Support formed at 1642.200, Leaving Runners to the 4h previous Resistance at 1636.000.
– As the Monday Daily candle closed Bullish forming Daily Support at 1644.500 with 178 Pip Rejection to the upside we could anticipate a Daily Wick Fill if Support is held, If price break below Daily Support and closed below 1644.500 on the hourly or preferably the 4h timeframe, there will be a higher probability for price to tap the 4h previous Resistance at 1636.000.