Technical analysis for Gold for November 2, 2018

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Gold price moved higher yesterday above $1,230. This is a bullish sign. Together with the bullish signs we showed yesterday in our analysis, Gold is ready to break out above $1,240 towards $1,260.

Technical analysis for Gold for November 2, 2018

Magenta rectangle - support area

Gold price bounced off critical support and took back in one session what was lost in three. Wednesday's lows are very important now. Major support at $1,212. Breaking below it cancels any bullish scenario for Gold. We remain bullish expecting $1,260.