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


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

Terry Kinder precious metals analysisBullion.Directory precious metals analysis 7 November, 2014
By Terry Kinder

Investor, Technical Analyst

Well, it has been an interesting week for gold. The COMEX continuous gold futures dipped as low as $1,130.40 this week, and has had a nice rebound today. It is sitting over $1,170.00 as this is being written. There has been a great deal of speculation whether or not gold could dip below the $1,000.00. Was thinking about the idea that gold could dip below $1,000.00 and wondered if sentiment had tilted too heavily in favor of the idea. Of course, it would be foolish to say “never” because that’s always when you’re wrong. So, let’s take a look at a chart and see what it has to say. After that we’ll take a look at gold price support resistance next week.


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

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


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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


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


  • $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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