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Company does not offer investment advice and the analysis performed does not guarantee results

Gold price challenged the recent highs once again yesterday but got rejected once again. Price pulled back towards its recent lows and the 61.8% Fibonacci retracement support. Price holds above short-term support. No clear trend in the short-term yet. Price moves sideways between $1,236-$1,220.

Exchange Rates 08.11.2018 analysis

Magenta rectangle - major support

Blue rectangle- short-term support

Red rectangle - short-term resistance

Gold price has been moving the last two days between the two short-term important levels. As long as we trade above $1,212 I remain optimistic. Breaking above $1,240 is what Gold bulls need to see in order to see a rally towards $1,260 and higher. The resistance at $1,235-40 is confirmed several times. Bulls do not want to move far from it and specially not break below $1,212. Bears on the other hand want to see price break to new lows and confirm the rejection at $1,240 on a weekly basis. This will be a bearish sign and would target Gold towards $1,100 or lower.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Companies Group © 2007-2019
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