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03.11.202115:29 Forex Analysis & Reviews: Gold remains vulnerable to more downside.

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Gold price moves lower today. As we mentioned in yesterday's analysis, we are bearish Gold as long as price is below $1,810. Gold price failed to stay above the major trend line resistance and produced a false breakout. Such a false signal is an even stronger counter signal. This means that the bearish repercussions are of bigger importance. Price fails to hold the short-term support levels and this could lead to a break lower towards $1,740 again.

Exchange Rates 03.11.2021 analysis

Blue line- major resistance trend line

Red line- support trend line (broken)

Gold price broke and back tested the red support trend line. The support trend line was back tested from below and price got rejected. The blue trend line was initially broken but it soon appeared that the signal was a fake one. As we mentioned yesterday Gold price was forming lower highs. This price pattern is bearish and Gold is expected to move below $1,770 soon. Gold price first target is at $1,756 and next at $1,740.

Alexandros Yfantis
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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