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The strong Dollar is not good for gold as prices have broken below the 61.8% Fibonacci retracement. Price is forming a bullish wedge and bulls continue to hope for a sharp reversal upwards as long as price is above the $1,212 lows.

Exchange Rates 09.11.2018 analysis

Magenta rectangle - support

Green lines - bullish wedge pattern

Red rectangle - resistance area

Gold price has broken the 61.8% Fibonacci retracement. This is not a bullish sign. Bulls' last line of defense is the support area around $1,212. Resistance is at $1,223-24. Breaking above this level will most probably push gold back towards $1,235-40. Only a break above $1,240 could push gold towards our 2nd longer-term target of $1,260. Breaking below $1,212 could push gold price even below $1,200 or even to new yearly lows. So breaking this low would make me change my bullish view.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2018
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