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Gold Technical Analysis for November 17, 2015

An extremely short term wave structure has been presented here (1 hour), for immediate trade direction. Gold, has been confirming a series of events that favour a short term bullish view towards at least $1,110.00 levels if not higher. The yellow metal had rallied through initial resistance at $1,095.00/96.00 levels yesterday before pulling back lower. Please note that the drop is stalling just below the fibonacci 0.786 support of the rally between $1,074.00 and $1,100.00 levels. More importantly, prices are bouncing off the resistance turned support line around $1,078.00 levels for now. A bullish signal here, would confirm that the metal is heading north towards $1,110.00 levels at least. This rally, if unfolds, could still be termed as a counter trend, before the larger down trend resumes soon. The RSI at 30 levels now, also favours the above count for now.
Trading recommendations:
Long around $1,078.00/80.00, stop at $1,071.00, target $1,110.00
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