Gold Daily Analysis – November 2, 2017

Gold prices settled higher on Wednesday and trade neutral on Thursday morning after the Fed policymakers voted to leave rates unchanged at their meeting held on Oct. 31- Nov. 1. Gold is trading at 1277, -0.02% as of 9:45 GMT.

Although gold was pressurized to withdraw from intra-day highs after better than expected economic reports which indicated the strength of the U.S. economy, the precious metal is still trading in consolidation.

The US jobs report will be published tomorrow at 13:30 GMT and can add volatility and direction to gold prices.

Technical View

The 4H Gold chart has formed the “Symmetrical triangle pattern”. In this pattern, Prices hold nearby resistance area at $1280.

A break above the resistance slope line at $1282 could lead to target $1293-$1300. In the meanwhile, the market consolidates within the slope support lines at $1270. A break below the support line at $1270 and close of 4H candle could lead to more downside pressure towards $1250-$1265 and further.