17.11.201408:46 Forex Analysis & Reviews: Technical analysis of Gold for November 17, 2014

Long-term review

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Technical outlook and chart setups:

Gold has rallied to $1,195.00 levels in last 2 trading sessions. The metal could still have room left on the higher side. $1,207.00 looks like the next potential immediate target. It is recommended to hold long positions and move risk to $1,145.00. As seen here, the $1,207.00 is a potential resistance and also fibonacci convergence level. A bearish reaction there should be watched for a potential down trend resumption. Immediate support is at $1,145.00, followed by $1,130.00 while resistance is seen at $1,207.00, followed by $1,230.00/35.00, $1,250.00/55.00 and higher respectively.

Trading recommendations:

Remain long, stop at $1,145.00, target is $1,207.00.

Good luck!

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