Gold analysis for November 04, 2016
November 4, 2016 11:53 amVideo
Latest News
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- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
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- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
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- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
Since our previous analysis, gold has been trading sideways at the price of $1,300.00. According to the 30M time frame and using the market profile analysis, I found strong resistance and strong point of control at the price of $1,300.25. Also, there is supply trendline in the background, which is a good sign for further lower price. Watch for selling opportunities. The first downward target is set at the price of $1,294.81 and second target is set at the price of $1,285.65.
Fibonacci pivot points:
Resistance levels:
R1: 1,303.50
R2: 1,307.25
R3: 1,313.30
Support levels:
S1: 1,291.45
S2: 1,287.75
S3: 1,281.70
Trading recommendations for today: Weakness on Gold is expected today. Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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