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Gold : analysis for November 11, 2015

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,088.00. As we had expected, the price tested the second major support at the level of $1,085.00. We can observe a massive volume spike (selling climax) in the background, which is a sign level of $1,085.00. Anyway, if the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,090.60

R2: 1,092.20

R3: 1,094.50

Support levels:

S1: 1,085.75

S2: 1,084.30

S3: 1,081.90

Trading recommendations: Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see a continuation downward .



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