17.11.202116:26 Forex Analysis & Reviews: Short-term view on Gold for November 17, 2021.

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Gold price is trading around $1,862. Price has bounced from the recent low at $1,849. Price has retraced more than 50% of the recent decline. Gold price next resistance is at $1,866 and I expect to see it being tested soon.

Black lines- Fibonacci retracements

Red rectangle -resistance area

Green line - expected path

Gold price is moving higher towards our red resistance area and where we also find the 61.8% Fibonacci retracement level.The 61.8% Fibonacci level is very common for trend reversals. I believe it is highly probable to see price reverse trend after it reaches that area. A rejection and reversal at $1,866 would be a good sign for bears. Failure to stay above $1,848 will open the way for a decline towards $1,810.

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