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05.11.2015 12:39 PM
Gold analysis for November 05, 2015

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Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,106.26. The intraday and short-term trends are downward as the price is below the Ichimoku cloud on the daily, H4, and H1 charts. In the daily time frame, we can observe a strong supply bar in a high volume. According to the H4 time frame, we can observe strong and healthy supply bars, which is a sign that buying still looks risky. Watch for selling opportunities since our first profit zone around the price of $1,106.00 has been met. The second major support is around the price of $1,083.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,117.50

R2: 1,121.10

R3: 1,126.90

Support levels:

S1: 1,105.90

S2: 1,102.31

S3: 1,109.50

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.

Summary
Urgency
Analytic
Petar Jacimovic
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