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Gold Technical Analysis for November 11, 2015

Chart setups:
The daily chart view has been presented again in continuation to last week setups. The yellow metal dropped lower below $1,100.00 levels earlier and remained just shy of the last swing lows around $1,076.00/77.00 levels. If we look into the wave counts here, till $1,076.00 levels remain intact, the drop from $1,190.00 levels could be seen as a correction or a retracement of the previous rally between $1,076.00 and $1,190.00 levels. Furthermore, Gold is seen to be holding just around the fibonacci 0.786 support and is also seen to be testing the resistance turned support trend line. The daily chart has also produced a pin bar candle yesterday, indicating a potential reversal. The RSI is looking to turn north from around 30 levels. The above reasons are indicating that bullish turn could be just round the corner. Immediate support is seen through $1,076.00 levels while resistance is seen through $1,120.00/40 levels respectively.
Trading recommendations:
Long now, stop at $1,170.00.


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