Yesterday's strengthening of the dollar led to a further sell-off in the gold market, while today we can observe a rebound. The price of gold has managed to return above the round level of $ 1700, but the main trend remains downward. Looking at the H4 interval, price is currently testing 23.6% Fibonacci retracement. Should a break higher occur, the correction may extend towards the 38.2%, or even 50% retracement, where the upper limit of the wide 1: 1 structure is also located. On the other hand, break below the aforementioned $1700 level will invalidate the corrective scenario and declines could deepen.
GOLD interval H4. Source: xStation5
📊Daily Summary: Tech sector drives Wall Street rebound, DAX leads in Europe
Chart of the day 🚩 Cocoa sell-off continues. Record ICE inventories and index rebalancing in focus (11.11.2026)
Daily summary: CPI reading hits markets, hawkish Fed and Wall Street selloff
Sharp retreat from gold. Higher US CPI opens the door to a 50 bps rate hike in the US