Technical analysis for Gold for November 8, 2018

Gold price challenged the recent highs once again yesterday but got rejected once again. Price pulled back towards its recent lows and the 61.8% Fibonacci retracement support. Price holds above short-term support. No clear trend in the short-term yet. Price moves sideways between $1,236-$1,220.

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Magenta rectangle - major support

Blue rectangle- short-term support

Red rectangle - short-term resistance

Gold price has been moving the last two days between the two short-term important levels. As long as we trade above $1,212 I remain optimistic. Breaking above $1,240 is what Gold bulls need to see in order to see a rally towards $1,260 and higher. The resistance at $1,235-40 is confirmed several times. Bulls do not want to move far from it and specially not break below $1,212. Bears on the other hand want to see price break to new lows and confirm the rejection at $1,240 on a weekly basis. This will be a bearish sign and would target Gold towards $1,100 or lower.

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