November is usually the strongest month of the year for gold - it is clear that reduced Indian demand due to government tariffs has been a factor, though the resurgent dollar is the key driver for gold this month, with 81 now being established as support.
Continued strength in equities, with any corrections being shallow and short lived, is adding to the bearish case, with the plummeting oil price the icing on the cake.
The 200 hour MA will provide upside resistance on the short term charts - this is currently coming in at 1300.
Support can be found at 1260, 1250, 1207 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 as a minimum.
Resistance can be found at 1277-1280, 1291, 1300, 1310, 1320-1322, 1328-1330, 1338-1342, 1352-1355 and 1360. A break above 1360 would be the first suggestion of a new bull trend, though it would take a break of 1434 to confirm this was the case, with a target of 1525 as a minimum.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our next trade.