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    Gold : analysis for November 20 , 2015

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    Overview:

    Since our last analysis, gold has been trading upwards. The price tested the level of $1,087.21. In the daily time frame, I found a strong demand bar in a high volume testing our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the M30 time frame, I found a volume spike (buying climax ) at the level of $1,083.70 and then the up-thrust bar (sellers overcomed buyers). Be careful when buying at this stage and watch for potential intraday selling opportunities.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,082.30

    R2: 1,083.40

    R3: 1,085.50

    Support levels:

    S1: 1,078.45

    S2: 1,070.30

    S3: 1,075.35

    Trading recommendations: Be careful when buying gold since the price testing our strong resistance level. Watch for potential selling opporutnities.


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