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Technical analysis for GOLD on 09.11.2015

GOLD: steady downtrend preserves

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 1610 pips Max. 1104.10
Min. 1077.00

gold

Gold has been falling for the last two weeks in a row, breaking strong support levels on the way. Besides, decline is taking place at increased volumes, which indicates dominating bearish potential.

The price broke strong support at 1098.40 on Friday and is now approaching this level, which is already acting as resistance, correcting from 1084.85 mark.

The retest of level 1098.40 will most likely trigger consolidation, followed by the rebound down and continuation of the bearish trend. Potential decline targets will be situated at: 1084.85, 1077.00

Alternative scenario:

Consolidation below 1098.40 resistance is also probable. The longer it lasts, the bigger are the chances of the rebound down.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

GOLD: steady downtrend preserves

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 1610 pips Max. 1104.10
Min. 1077.00

gold

Gold has been falling for the last two weeks in a row, breaking strong support levels on the way. Besides, decline is taking place at increased volumes, which indicates dominating bearish potential.

The price broke strong support at 1098.40 on Friday and is now approaching this level, which is already acting as resistance, correcting from 1084.85 mark.

The retest of level 1098.40 will most likely trigger consolidation, followed by the rebound down and continuation of the bearish trend. Potential decline targets will be situated at: 1084.85, 1077.00

Alternative scenario:

Consolidation below 1098.40 resistance is also probable. The longer it lasts, the bigger are the chances of the rebound down.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!



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