InstaForex - Analytics

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    Gold analysis for November 05, 2015

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    Overview:

    Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,106.26. The intraday and short-term trends are downward as the price is below the Ichimoku cloud on the daily, H4, and H1 charts. In the daily time frame, we can observe a strong supply bar in a high volume. According to the H4 time frame, we can observe strong and healthy supply bars, which is a sign that buying still looks risky. Watch for selling opportunities since our first profit zone around the price of $1,106.00 has been met. The second major support is around the price of $1,083.00.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,117.50

    R2: 1,121.10

    R3: 1,126.90

    Support levels:

    S1: 1,105.90

    S2: 1,102.31

    S3: 1,109.50

    Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.


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