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26.11.2015 01:37 PM
Gold analysis for November 26, 2015

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,072.00. In the daily time frame, I found a supply bar and rejection from the SMA10. Our strong support around the levels of $1,075.00-$1,080.00 has become a strong resistance (changing polarity) now. In the M30 time frame, our diagonal trend line got broken today, so watch for intraday selling opportunities. I also spoted strong rejection from Fibonacci retracement 50% at the level of $1,074.00. Intraday support is found at $1,065.00. Next strong daily support is seen around the level of $1,046.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,071.54

R2: 1,072.35

R3: 1,073.80

Support levels:

S1: 1,068.90

S2: 1,068.00

S3: 1,066.70

Trading recommendations: Be careful when buying gold since I saw a breakout of the diagonal trend line. Watch for potential selling opportunities.

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