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18.11.201509:07 Forex Analysis & Reviews: Technical analysis of Gold for November 18 2015

Long-term review

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Technical outlook and chart setups:

Gold has taken stops out yet again hitting a fresh low of $1,063.50 before pulling back. The metal is up again trading above the level of $1,071.00 at the moment. The counter trend rally is due to happen, but we need to see a resistance breakout at $1,096.00 before committing to the long side again. It is recommended to remain flat and await for a further confirmation. Immediate interim support is found at $1,063.00 followed by $1,050.00, $1,030.00, and lower, while resistance is seen at $1,096.00 and higher.

Trading recommendations:

Remain flat now.

Good luck!

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