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Short-term technical analysis on Gold for November 2, 2021.

Gold price reached $1,795 earlier today but price is now back below $1,790. Short-term support at $1,788 remains intact but bulls need to be cautious. Price has formed a lower high after the sell off that brought price from $1,809 to $1,771 last week.

analytics618173dadaea4.jpg

Blue line - major resistance trend line

The time spent above the blue resistance trend line was short. Price action the last couple of sessions increases the chances that the break out above the blue resistance trend line was a false one. Price is making lower highs and lower lows after the high on October 22 at $1,813. Gold price is vulnerable to a move below $1,770 as long as price is below $1,810. I'm bearish Gold as long as price is below $1,810.

The material has been provided by InstaForex Company - www.instaforex.com