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Technical analysis for Gold for November 7, 2018

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Gold price challenged resistance at $1,236 yesterday, it got rejected and pulled back towards the 61.8% Fibonacci retracement support. In our last analysis, I mentioned that as long as price is below $1,240, the chances of another pull back towards the 61.8% Fibonacci retracement remain high. Only a close and break above $1,240 would cancel any chances for another pull back.

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