Technical analysis of gold for November 9, 2016
November 9, 2016 8:21 amVideo
Latest News
- The euro did not understand the Fed’s signals May 3, 2024
- Analysis of GBP/USD pair on May 2nd. The final chord for the dollar May 2, 2024
- Analysis of EUR/USD pair on May 2nd. The market calmly responded to the FOMC meeting May 2, 2024
- Technical Analysis – GBPJPY returns to pre-intervention levels May 2, 2024
- JPY terrifies traders May 2, 2024
- Fed makes tough decision May 2, 2024
- USD/JPY: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- EUR/USD: Simple trading tips for novice traders on May 2nd (US session) May 2, 2024
- GBP/USD: trading plan for the US session on May 2nd (analysis of morning deals). The pound was pushed below 1.2521 May 2, 2024
- EUR/USD: trading plan for the US session on May 2nd (analysis of morning deals). Euro bought around 1.0700 May 2, 2024
- EUR/USD. May 2nd. US statistics disappoint once again May 2, 2024
- Technical Analysis – EURUSD capped by 20-day SMA as rebound falters May 2, 2024
- Forex forecast 05/02/2024: EUR/USD, USD/JPY and Gold from Sebastian Seliga May 2, 2024
- USD/JPY: trading tips for beginners for European session on May 2 May 2, 2024
- GBP/USD: trading tips for beginners for European session on May 2 May 2, 2024
- EUR/USD: trading tips for beginners for European session on May 2 May 2, 2024
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
Gold price spiked to new highs after the US elections results but the highs are not sustained as price is pulling back down. Yesterday prices reached as low as $1,270 and this is important support now.
Red line – support trend line
Gold price has support at $1,290 and at $1,280. A break below this area will push Gold price most probably towards lower lows below $1,240 towards $1,200-$1,170. If support holds, bulls will manage to push price towards the post election highs and if we make new highs, then the chances of reaching $1,370 will be increased.
Blue line – weekly resistance
It is important to see if price manages to close the week above the blue trend line resistance. Price has bounced off the 38% Fibonacci retracement. A break below $1,270 will imply that the upward move was part of the correction phase and that a new low to complete the correction will follow and push price towards the weekly cloud.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: