11.11.201512:39 Forex Analysis & Reviews: Gold : analysis for November 11, 2015

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.

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,088.00. As we had expected, the price tested the second major support at the level of $1,085.00. We can observe a massive volume spike (selling climax) in the background, which is a sign level of $1,085.00. Anyway, if the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,090.60

R2: 1,092.20

R3: 1,094.50

Support levels:

S1: 1,085.75

S2: 1,084.30

S3: 1,081.90

Trading recommendations: Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see a continuation downward .

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.