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FX.co ★ Gold's advance slows down.

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Forex Analysis:::2021-11-18T13:34:39

Gold's advance slows down.

Gold price reached as high as $1,870 earlier today but price is now showing reversal signs. As we mentioned in previous posts, the area between $1,860 and $1,870 is important resistance area and I expect Gold prices to get rejected and make a reversal.

Gold's advance slows down.

Red rectangle- resistance

Black lines- Fibonacci retracements

Gold price has reached and surpassed the 61.8% Fibonacci retracement but not for long. Price is showing rejection signs at the red rectangle area and where we also find key Fibonacci retracement levels. Support is at $1,850. Resistance is at $1,870. Breaking either of these two levels will lead to an increase in volatility. Breaking resistance could lead Gold towards $1,900, while a break below $1,850 will lead Gold price towards $1,820-$1,800.

Analyst InstaForex
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