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15.11.201808:52 Forex Analysis & Reviews: Technical analysis for Gold for November 15, 2018

Long-term review

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Gold price as expected has finally bounced towards $1,210-15 area. I expect prices to get rejected at current levels or from slightly higher. Major resistance and stop for bears is at $1,243.50. Support at $1,196.

Red rectangle - major resistance

Blue rectangle - major support

Magenta rectangle - resistance

Green lines expected path

Gold has bounced and is now challenging the 38% Fibonacci retracement resistance of the recent decline. Gold could move higher towards the 61.8% ratio but again I believe the most probable scenario would be a rejection and a bearish reversal for new lows. As long as Gold price is below $1,243.50 we remain bearish expecting another longer-term leg lower below $1,100.

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