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    Gold analysis for November 30 , 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 $1,052.56. In the daily time frame, I found a supply bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 has become strong resistance (changing polarity) now. In the M30 time frame, we can observe low activity (low volume) and I found intraday trading range between the price of $1,061.20 and the price of $1,052.65. Next strong daily support is seen around the level of $1,046.00.

    Daily Fibonacci pivot points:

    Resistance levels

    R1: 1,057.35

    R2: 1,057.75

    R3: 1,058.50

    Support levels:

    S1: 1,056.05

    S2: 1,055.65

    S3: 1,055.00

    Trading recommendations: Be careful when buying gold since I saw a breakout of the diagonal trend line. Watch for potential selling opportunities.


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