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    Technical analysis for GOLD on 13.11.2015

    GOLD: the downtrend has halted at histotical support of 1077.35

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 2100 pips Max. 1104.10
    Min. 1060.00

    gold2

    The price failed to break below the historical support of 1077.35, formed on 24.07.2015. Despite the fact that the test took place amid increased volume, bears failed to break below this barrier.

    The price is now oscillating between the last week’s low of 1085.70 and the 1077.35 support. Medium-term bearish trend preserves, so there’s a chance of another test of the 1077.35 mark.

    If bears manage to break and hold below this significant 1077.35 support, the downtrend will continue. Potential decline target in this case will be situated at 1060.00.

    Alternative scenario:

    Correction up is probable if price breaks resistance at 1084.70. The breakout will open the way to 1100.00, 1104.08 marks.

     

    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: the downtrend has halted at histotical support of 1077.35

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 2100 pips Max. 1104.10
    Min. 1060.00

    gold2

    The price failed to break below the historical support of 1077.35, formed on 24.07.2015. Despite the fact that the test took place amid increased volume, bears failed to break below this barrier.

    The price is now oscillating between the last week’s low of 1085.70 and the 1077.35 support. Medium-term bearish trend preserves, so there’s a chance of another test of the 1077.35 mark.

    If bears manage to break and hold below this significant 1077.35 support, the downtrend will continue. Potential decline target in this case will be situated at 1060.00.

    Alternative scenario:

    Correction up is probable if price breaks resistance at 1084.70. The breakout will open the way to 1100.00, 1104.08 marks.

     

    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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