FX.co ★ Technical analysis of Gold for November 06, 2014

Technical outlook and chart setups:

Gold has seen no respite after breaking below the $1,180.00 levels last week.  A weekly chart view presented here reveals that prices are just breaking below the trend line support for now. Furthermore, the metal has just slipped below the fibonacci 0.618 support seen around $1,150.00/54.00 levels. A revival from current levels, and back above $1,150.00 levels would keeps reversal probabilities intact. Support is now seen at $1,043.00, followed by $9,93.00 and lower while resistance is seen at  $1,250.00/70, followed by $1,340.00 and higher up respectively. On the flip side, a fall further below $1,130.00 levels could see the metal drifting towards the $1,030.00 levels in the coming sessions. As seen here, the fibonacci levels are converging at two levels: $1,154.00/60.00 and $9,90.00/80.00 levels. Prices could bounce off either of them.

Trading recommendations:

Remain flat for now.

Good luck!