InstaForex - Analytics

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    Gold analysis for November 23, 2015

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    Overview:

    Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,067.36. In the daily time frame, I found a supply bar in a high volume and rejection from 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 strong supply and a downward trend. Next strong daily support is seen around the level of $1,046.00.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,076.00

    R2: 1,077.00

    R3: 1,078.50

    Support levels:

    S1: 1,073.20

    S2: 1,072.30

    S3: 1,070.85

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


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