Gold, Technical Analysis for November 24, 2015
Posted by FXTimes in Featured - November 24th, 2015 4:16 am GMT
The 4H chart view presented here continues to indicate that Gold remains in a larger down trend and could drop to $1,050.00 levels and lower. Having said that, please note that a counter trend rally still remains a possibility. As one can see here, the metal is trading at $1,072.00 levels for now and looking to rally through $1,103.00 levels, if not higher. A break above $1,098.00 levels could instil further confidence into the bullish setup (a counter trend rally). Immediate resistance is seen at $1,098.00 levels, followed by $1,110.00 and higher, while support is seen through $1,065.00 levels and lower respectively. Furthermore, RSI is seen to be holding 30 levels (the over sold region) and hence a counter trend rally could materialize.
Aggressive Trade: Long now, stop at $1,062.00, target $1,103.00
Conservative: Remain flat for now.