AvaTrade - Analytics

    AvaTrade

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    Gold- Upward bias building up

    The yellow metal has formed a double bottom on a 30 minute time frame. The pattern will be confirmed once we break above the 1073 mark and the projection of this pattern will target the level of 1085. We are still trading below the 50 day (shown in yellow) and 100 day moving averages (shown in red) and this confirms that the trend is towards the downside. We have also formed a symmetrical triangle pattern and an upward break of this pattern will make the odds for further higher move stronger.

    The MACD is trading inline with the price action which means that while the price is making the higher high, it is confirmed by the momentum indicator.

    gold 18-11-2015

    Important zones

    1065-1064 Support Zone

    1079-1078 Resistance Zone


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