Technical Analysis Gold for 11/10/15

Gold prices rebounded in the London AM but lost ground during the NY session following a report from Reuters that said that the ECB moving towards consensus on deposit rate cut, citing four unnamed Eurozone officials. Apparently the discussion is no longer if, but by how much the central bank should cut the deposit rate, which currently is at -0.2%. That -0.2% is no longer the zero lower bound on rates, as the ECB believed when it cut the rate to the current level, was already indicated by Draghi last month and seems to be generally accepted.

Support on the yellow metal is near the July lows at 1,076, while resistance is seen near the 5-day moving average at 1,103.  Momentum remains negative with the MACD printing in the red with a downward sloping trajectory.