Thursday, November 1, 2018

GOLD - 01 November 2018


Fundamental Highlights

Gold kept losing ground through the early North-American session and dropped to near three-week lows, around $1211.90. A continuous improvement in global risk appetite is keeping the precious metal under pressure despite an upbeat in the ADP report. Looking ahead, if the US dollar strength continues to weigh upon Gold, then further moves down are anticipated.

Technical Analysis

As expected, Gold prices broke below the $1212 level but quickly recovered towards the $1220 resistance level. The price is currently hovering just below the $1224.2 level after fleeing from over sold conditions but it is this zone where we will be focusing on during today's session.

Support: 1230.74 / 1228.26
Resistance: 1237.79 / 1244.78

Chart (H4)