For Traders

Analytical Reviews

Technical analysis

26.11.201808:49 Forex Analysis & Reviews: Technical analysis for Gold for November 26, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price continues to trade around last week's highs. Gold continues to trade below the major resistance of $1,243.50 and above $1,220-18 short-term support. Gold price could make a higher high but I prefer to be neutral and look for selling opportunities as long as price is below the October highs.

Blue rectangle - important medium-term resistance area

Green line - trend line support

Gold price has so far topped at the 38% Fibonacci level of the entire decline. A double top has been formed around $1,240-43 and this is a now a confirmed resistance level. This means that a break above this area would be a very bullish sign and could push prices towards the 61.8% Fibonacci level. On the other hand short-term support is at $1,220-18. Breaking below this level will push price towards the important green trend line support. Bulls still have hopes as long as price holds this trend line. If this level is broken, we should expect Gold to challenge August lows.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.