GOLD – Chart
In today’s technical analysis of gold
for November 8, the precious metal stands at $1,963.91, experiencing a modest decline of 0.27%. Over the past 24 hours, gold has been trading within a 4-hour chart framework that has seen a sideways channel breakout below the pivot point of $1,976, suggesting a bearish bias.
Key resistance levels are currently set at $1,995, $2,009, and $2,029. On the support side, $1,960 holds as the immediate floor, followed by further cushions at $1,945 and $1,928. The Relative Strength Index is at 34, indicating a bearish sentiment as it falls below the central 50 mark, not yet oversold but certainly leaning away from bullish territory.
The Moving Average Convergence Divergence (MACD) indicator presents a bearish trend with its current values, and the price of gold is slightly below the 50-Day Exponential Moving Average of $1,978, reinforcing the short-term bearish outlook.
Overall, the technical outlook for gold is bearish as long as it remains below $1,976. Investors may anticipate a test of lower support levels unless a reversal above this threshold materializes, prompting a reassessment of the short-term forecast.