Baxia Markets
November 05, 2021

Gold continues bouncing between support and resistance.

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The precious metal started an uptrend at the end of September, it found a few retracements, but the trend stayed; however, the price is now moving between the support at 1768 and the resistance at 1796 on our 61.8% and 50% Fibonacci retracements, respectively.

The Bollinger bands are wide, and volatility should stay high as in the last few trading sessions, the price currently trades slightly below the resistance, and the technical elements are there to expect a breakout. The price trades at a fair price, and this could attract investors.


Gold Nov 1st 2021

The relative strength index is 55% which is a good indicator that the uptrend could continue in the next sessions. The short and long-term moving averages made across last week strengthening our prediction of an uptrend continuity.


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