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    Technical analysis for GOLD on 24.11.2015

    GOLD: the downtrend has halted at 1064.15 support

    gold4

    After the bears managed to push the price outside the descending channel, the downtrend weakened. The price consolidated around strong support of 1064.15, which may be considered as a signal for the upcoming correction up.

    The closest correction target is situated at 1073.90 resistance. If the correction continues after it reaches the above mentioned target, the next one will be found at the inclined resistance of 1081.60 (dashed line).

    Medium-term bearish trend will continue if price breaks and holds below last week’s low of 1064.15. The breakout of this barrier will open the way down to 1050.00.

    Alternative scenario:

    The breakout of 1085.11 resistance will allow bull to turn the medium-term downtrend up for correction. The closest growth target will be situated at 1100.00.

     

    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 1064.15 support

    gold4

    After the bears managed to push the price outside the descending channel, the downtrend weakened. The price consolidated around strong support of 1064.15, which may be considered as a signal for the upcoming correction up.

    The closest correction target is situated at 1073.90 resistance. If the correction continues after it reaches the above mentioned target, the next one will be found at the inclined resistance of 1081.60 (dashed line).

    Medium-term bearish trend will continue if price breaks and holds below last week’s low of 1064.15. The breakout of this barrier will open the way down to 1050.00.

    Alternative scenario:

    The breakout of 1085.11 resistance will allow bull to turn the medium-term downtrend up for correction. The closest growth target will be situated at 1100.00.

     

    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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