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02.11.202222:31 Forex Analysis & Reviews: Gold rejected at cloud resistance.

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Exchange Rates 02.11.2022 analysis

Gold price is trading around $1,637. In our previous analysis we noted that price justified a bounce towards $1,670 where the Kumo (cloud) resistance was found. Earlier today Gold price reached as high as $1,668 and got rejected. Recent Gold's price behavior confirms the importance of the cloud resistance at $1,670. Bulls need to break above this level in order to hope for a bigger bounce towards $1,700. Gold remains vulnerable as price remains below the Kumo. The kijun-sen (yellow line indicator) remains our most important short-term resistance level.

Alexandros Yfantis
Analytical expert of InstaForex
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