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Market Analysis

Home » Featured » Gold Technical Analysis for November 26

Gold Technical Analysis for November 26

Posted by FXTimes in Featured - November 26th, 2015 4:03 am GMT

A 4H chart view has been again presented here to highlight short and medium term wave counts and probabilities in the metal. Gold remains poised to print lower lows towards $1,030.00 levels it seems, the only question remains where to initiate short positions. At this time, the metal has been consolidating in a cone format as shown here, trading at the support line now around $1,070.00/171.00 levels. If prices break below the line, that would be considered as break down and shorts can be taken. On the other hand, a bullish bounce here should be bought with a short term target of $1,080.00 levels. A break above the resistance line would trigger a bullish counter trend rally, probably through $1,109.00 and up to $1,137.00 levels respectively. Immediate support is seen around the $1,067.00/63.00 levels, while resistance is seen around $1,080.00 and higher respectively.
Trading recommendations:
1. Aggressive: Long now $1,071.00, stop at $1,063.00, target $1,085.00 and $1,098.00.
2. Conservative: Remain flat.
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