Forum Post: gold jinyu Nov. 6th precious metal (gold) price trend analysis

International gold price yesterday broke the support line and went downside, all the way down to about 1140 after broke 1160, bear market keeps gold weak. In today’s Asia trading time, gold basing around 1143. U.S. October ADP employment is better than expected, boost USDX in a high level, yet the October ISM non-manufacturing PMI is not that good, which blocked USDX keeping going up. under this situation, gold started fluctuating, yet not strong enough to rebound. Currently gold daily chart price is still not stabilized after this slump. MACD is weak which made gold’s rebound unfavorable. Short would be a wise choice.