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    Gold : analysis for November 18 , 2015


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    Since our last analysis, gold has been trading downwards. The price tested the level of $1,064.70. According to the daily time frame, I found a strong downward bar in a high volume. Our strong support around the level of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. According to the M5 time frame, I found a volume spike on an up bar (buying climax) in the background and potential intraday distribution trading range. Selling opportunities are preferable. Support level is found at $1,064.50.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,079.00

    R2: 1,084.00

    R3: 1,091.60

    Support levels:

    S1: 1,064.85

    S2: 1,060.50

    S3: 1,052.80

    Trading recommendations: Be careful when buying gold since the price has broke our major support level. Watch for potential selling opporutnities.

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