For Traders

Analytical Reviews

Technical analysis

20.11.201919:37 Forex Analysis & Reviews: Technical analysis of Gold for November 20, 2019

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 reached $1,478 today but price could not stay for long above the 38% Fibonacci retracement resistance. This is a sign of weakness. Price is now trading below this resistance at $1,467. Gold price is pulling back towards short-term support of $1,464 but as long as price is above $1,455 we could see another move higher towards $1,490. Medium-term trend remains bearish as long as price is below $1,500-$1,525.

Green line - upper bearish channel boundary

Gold price is making higher highs and higher lows in the 4 hour chart after bottoming below $1,450. We warned bears then that a bounce was coming. This bounce might yet be not finished. We could see price move towards the 61.8% Fibonacci retracement level. This bounce is considered a selling opportunity. I'm bearish Gold as long as we trade below $1,500.

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.