InstaForex - Analytics

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    Gold analysis for November 12 , 2015

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    Overview:

    Since our last analysis, gold has been trading sideways around the level of $1,087.00. Our major support is at the price of $1,085.00. We can observe a massive volume spike (selling climax) in the background, which is a sign level of $1,085.00. According to the M30 time frame, I found a strong supply trend line and the price tested the trend line few times. Watch for potential intraday selling opportunities. If the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,089.50

    R2: 1,091.25

    R3: 1,094.00

    Support levels:

    S1: 1,084.00

    S2: 1,082.30

    S3: 1,079.60

    Trading recommendations: Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see further downward movement. Selling opportunities are also preferable in intraday.


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