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    Gold analysis for November 16, 2015

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    Overview:

    Since our last analysis, gold has been trading upwards. As I had expected, the price tested the level of $1,097.91. According to the daily time frame, I found a strong pin bar and reaction from buyers, which did not let sellers to break the key support at the level of $1,077.00. According to the M30 time frame, I found a massive volume spike at the level of $1,074.00 and very strong reaction from buyers shortly after (sign of strength). Strong support is seen near the level of $1,090.00-$1,089.00. We can observe a change in polarity and old swing highs became support levels. Potential resistance levels are at the prices of $1,104.00, $1,118.00, and $1,132.00 as well as $1,145.00.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,089.35

    R2: 1,090.35

    R3: 1,092.00

    Support levels:

    S1: 1,086.15

    S2: 1,085.00

    S3: 1,083.60

    Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Good intraday support is at the price of $1,090.00.


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