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Gold technical analysis for November 5, 2015

The gold price continued with its downward move despite holding above the long-term support trend line coming from $1,080. Breaking below this trend line is not a good sign for gold bulls. A bounce towards $1,130 is confirmed here but it seems that we are not going to avoid a new low below $1,080.

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The gold price remains below the Ichimoku cloud confirming that the short-term trend remains bearish. Stochastics is oversold with divergence and it could point to a bounce at least towards $1,130 where we find the 38% Fibonacci retracement.

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