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13.11.201809:20 Forex Analysis & Reviews: Technical analysis for Gold for November 13, 2018

Long-term review

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Gold price is again in a bearish short-term trend. The longer-term trend has not changed and it remains bearish. Gold is trading around $1,200 and for today and for the next couple of sessions I would expect Gold price to bounce towards $1,210-15.

Red rectangle - major resistance area

Magenta rectangle - resistance area

Blue rectangle - support

Gold price has broken through the $1,212 lows and is now trading above $1,200. Price should see a bounce from current levels and continue lower after being rejected at the $1,210-15 resistance area (previous support). Gold price has most probably finished at the $1,243.50 spike the entire bounce from the August lows. We should now be starting the next and final leg down towards $1,000 or lower. Our bullish view for a move towards $1,260 has been canceled and remains this way as long as we trade below $1,243.50.

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