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19.11.2014 02:20 PM
Gold : analysis for November 19, 2014

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Overview :

Since our last analysis, gold has been trading sideways around the price of 1,200.00. We are waiting for a larger volume and stronger price action. According to the daily time frame, we can observe weak demand in a volume above the average, which is a sign that we may see possible reaction from sellers (potential bearish corrective phase). Be careful when buying gold at this stage since our Fibonacci retracement 61.8% is on the test. Anyway, my advice is to watch for potential buying opportunities after a bearish corrective phase (buy on the low).

Daily pivot Fibonacci points:

Resistance levels:

R1:1,202.80

R2: 1,207.86

R3: 1,216.03

Support levels:

S1: 1,186.46

S2: 1,181.40

S3: 1,173.23

Trading recommendations: Buying gold at this stage looks risky since we may see reaction from sellers.

Summary
Urgency
Analytic
Petar Jacimovic
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