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26.11.201508:49 Forex Analysis & Reviews: Technical analysis of Gold for November 26, 2015

Long-term review

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Technical outlook and chart setups:

Gold is seen to be trading around $1,072.00/73.00 levels for now, oscillating in a perfect harmony within the cone consolidation as depicted on the hourly chart view here. Giving due respect to the bounce it has taken from the support line passing around $1,069.00/70.00 levels, it is recommended to exit short positions taken yesterday and turn bullish with risk around $1,063.00 levels. Immediate support is seen at $1,068.00 levels, followed by $1.067.00, $1,063.50 and lower while resistance is seen through $1,080.00 levels, followed by $1,090.00 and higher respectively.

Trading recommendations:

Take profits on short positions taken yesterday from $1,080.00. Go long now, stop at $1,062.50, a target is open.

Good luck!

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