empty
 
 
03.11.2015 10:26 AM
Gold technical analysis for November 3, 2015

The gold price has reached our buy interest area of $1,140-20 that I have been talking about for the last weeks. The gold price is in a short-term bearish trend approaching important support levels. It is not the time to go short or sell gold.

This image is no longer relevant

Blue line - long-term support TL

The gold price is trading below the Ichimoku cloud. The price is trading around the 61.8% Fibonacci retracement. We could see a push even lower towards $1,120 where the 78.6% Fibonacci is found, but it is not the time to sell.

This image is no longer relevant

The weekly chart remains long-term bearish. This will change only if the price breaks above $1,250. The weekly candle is below the tenkan-sen which is a bearish sign. However, support is found at $1,120 and I prefer to be neutral as long as we are above that level. I will be waiting for bullish reversal signs as this is what I expect.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback