Gold Price Snaps Opening Range for November
The price of gold snaps the opening range for November as it extends the series of lower highs and lows from the start of the week.
Gold Price Outlook
The price of gold registers a fresh monthly low ($1945) after failing to clear the October high ($2009), with a break/close below $1937 (38.2% Fibonacci extension) raising the scope for a move towards the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region.
Nevertheless, the price of gold may try to track the flattening slope in the 50-Day SMA ($1924) if it holds above the moving average, but need a move above the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) area to bring the monthly high ($2004) on the radar.
Gold Price Outlook
The price of gold registers a fresh monthly low ($1945) after failing to clear the October high ($2009), with a break/close below $1937 (38.2% Fibonacci extension) raising the scope for a move towards the $1886 (23.6% Fibonacci extension) to $1896 (61.8% Fibonacci retracement) region.
Nevertheless, the price of gold may try to track the flattening slope in the 50-Day SMA ($1924) if it holds above the moving average, but need a move above the $1973 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) area to bring the monthly high ($2004) on the radar.
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