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Gold technical analysis for November 3, 2015

The gold price has reached our buy interest area of $1,140-20 that I have been talking about for the last weeks. The gold price is in a short-term bearish trend approaching important support levels. It is not the time to go short or sell gold.

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The gold price is trading below the Ichimoku cloud. The price is trading around the 61.8% Fibonacci retracement. We could see a push even lower towards $1,120 where the 78.6% Fibonacci is found, but it is not the time to sell.

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The weekly chart remains long-term bearish. This will change only if the price breaks above $1,250. The weekly candle is below the tenkan-sen which is a bearish sign. However, support is found at $1,120 and I prefer to be neutral as long as we are above that level. I will be waiting for bullish reversal signs as this is what I expect.



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