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    Gold : analysis for November 24 , 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 $1,075.02. 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 1H time frame, I found very low activity and corrective movements. I have placed a diagonal trend line, and a potential breakout of this line will confirm a further continuation downwards. Next strong daily support is seen around the level of $1,046.00.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,070.15

    R2: 1,071.15

    R3: 1,072.80

    Support levels:

    S1: 1,066.90

    S2: 1,652.95

    S3: 1,064.30

    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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