Gold Price Support Resistance Next Week (11-10-14)

Gold Price Support Resistance Next Week (11-10-14)

Bullion.Directory precious metals analysis 7 November, 2014
By Terry Kinder
Investor, Technical Analyst

Gold Price Support Resistance Next Week (11-10-14)

As you can see in the chart above,  support at the Fibonacci level of 0.618 or $1,138.10 was briefly violated but held. There is overhead resistance at  the 0.50 Fib level or $1,186.70.

Important chart features:

A. Price bounces off support at Fibonacci level 0.618 or $1,138.10;

B. MACD hooks back up. We’ll have to wait a bit more to see if it reverses upwards;

C. RSI moves out of oversold territory.

Gold Price Support Resistance Next Week – Other Important Levels

Support:

• $1,160.60 – $1,164.27
• $1,143.63 – $1,147.27
• $1,126.78 – $1,130.40

Resistance:

• $1,177.69 – $1,186.70
• $1,207.31 – $1212.26
• $1,242.31 – $1,247.33

If price can break above resistance at $1,186.70, that could prove important as it would represent price rising out of the descending Andrews’ Pitchfork. If price fails at the $1,186.70 level then $1,138.10 and $1,078.00 could come back into play.

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