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November Starts Bearish On Gold

Published 11/05/2013, 06:18 AM
Updated 01/31/2022, 02:45 AM
GC
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At the end of October, buyers ofGold wasted a great chance for a bullish upswing and switched the sentiment into a positive one. For a few sessions, the price was putting constant pressure on the trendline (upper blue line) and on the 1,360 USD/oz. resistance. Breakout would trigger a buy signal and would create a momentum to reach the 1,420 USD/oz. resistance. Buyers hesitated, resultingto four consecutive bearish day candles in a row. Currently, the price is defending above the minor support, around the 1,310 USD/oz. and is aiming for the lower line of the triangle. Bearish breakout can possibly be dangerous and lead the price to a long-term minimum above 1,180 USD/oz.
Gold Daily
Currently, sentiment is neutral as we stay exactly in the middle of the symmetric triangle formation.But bears have slightly more chances to win this battle.

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