10.11.201406:35 Forex Analysis & Reviews: Technical Analysis of Gold for November 10, 2014

The yellow metal rebounds from the lower levels after the soft US data hit the wires. The overall picture favors bears. In Friday's session, the metal gained approximately $35 and closed above the day's high. Today, the metal opened on a bearish note, opened higher at $1,177.60. We recommend buying only above $1,178.50 levels and strong upmove will underpin above $1,183.00 with the targets at 1,200 .00 and 1,212.00. The weekly support exists at $1,161.00, below this free mode will be triggered. As we recommended earlier, we are still looking at the lower level targets of $1,024.00, $927.00 and $850.00-$800.00 in the longer-term view. The metal has strong resistance at the broken support trend line, above this at $1,188.00 200MSma and $1,212.00 200MEma. The monthly resistance exists at $1,233.00.

Resistance: $1,178.50, $1,182.00, $1,200.00.

Support: $1,161.00, $1,131.00, $1,102.00.

For an hourly basis, the prices are closed above 35DEMA and 12ema levels. The prices have strong resistance at $1,178.50. We recommend buying above $1,178.50 with the targets at $1,182.00, above this at $1,190.00 and $1,193.00. In case, if the prices break below $1,167.90, the weakness persists. We recommend selling at $1,167.00 with the targets at $1,158.00, below this at $1,152.00 and $1,146.00. Currently, the trading range of the prices is framed between $1,178.40 and $1,167.90 levels. Either side breakout will provide further room for trading.