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Market Analysis

Home » Featured » Gold Technical Analysis for November 06, 2015

Gold Technical Analysis for November 06, 2015

Posted by FXTimes in Featured - November 6th, 2015 6:07 am GMT

Chart setups:
A Daily chart has been presented here, to look into the bigger picture unfolding. As seen here the metal had broken the down trend line earlier, and pushed through $1,190.00 levels. At the moment, the metal seem to be testing the support trend line and the back side of resistance line as well, but a push above $1,120.00 levels could instil further confidence in the bullish setup.
Please note that the yellow metal is bouncing of the fibonacci 0.786 levels of the entire rally between $1,084.00 through $1,190.00 levels respectively. A bullish reversal here, with the $1,100.00 mark intact, would be encouraging for the bulls. On the flip side a break below $1,100.00/$1,095.00 levels would challenge the swing lows at $1,080.00 levels. Immediate support is seen at $1,100.00 levels while resistance is through $1,120.00 levels and higher respectively.
Trading recommendations:
Long again, stop at $1,095.00, target is open.
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