InstaForex - Analytics


    736.75 6.25/10
    62% of positive reviews

    Gold technical analysis for November 24, 2015

    I believe old price is at an important trend-turning point in the short- and long-term trends. The price is expected to perform a strong bounce towards at least $1,120-30. However, there are also many chances that the entire bearish market is over or at its final stages.


    Show full picture

    Red line - resistance

    The 4-hour chart above shows gold trading below the Ichimoku cloud confirming that the short-term trend is bearish. Bulls so far tried to break above the cloud twice and got rejected. We can see a new lower low. We are at the final stages of a decline from $1,190 and we either are going to bounce now or we are going to see $1,050-40 first and then bounce after the third rejection. No matter what , the bounce will certainly come above $1,100.


    Show full picture

    The weekly chart above shows that the price is trading inside a bullish wedge. Stochastics are at the oversold levels turning upwards. This time things might be different and instead of a bounce we can see the start of a new upward move in gold prices. However, a breakout above the weekly Ichimoku cloud will confirm a trend change.

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree