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Technical analysis of Gold for November 10, 2015

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Technical outlook and chart setups:

The yellow metal remained just shy of its July 24, 2015 lows at the $1,077.00 levels and bounced off the the $1,085.00 levels. Gold is seen to be testing the backside of its resistance turned into support trend line, and is trading marginally higher today around the $1,093.00 levels at the moment. Furthermore, please note that a Harami candlestick pattern has formed yesterday, indicating a potential reversal. It is hence recommended to initiate 50% long positions with risk at the $1,075.00 levels. Immediate support is seen at the $1,077.00 levels while resistance is seen at the $1,110.00 levels, followed by $1,120.00 and higher.

Trading recommendations:

Initiate 50% long positions, stop is at $1,075.00, target is open.

Good luck!

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