Gold analysis for November 20, 2013
November 20, 2013 12:15 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Gold prices continue to trade below resistance levels. Short-term resistance is found at 1,279 and at 1,293. Short-term support is found at 1,268 and 1,263. Prices are trading in a downward slope and below trend line resistance. The trend remains downward in all time frames.
We expect prices to break below short-term support and challenge the intermediate term support at 1,250. This price level is also important because of the head -and-shoulders pattern that we have been talking for so long and it remains valid. Breaking below the neckline support will give us a target for the downward move near 1,140-1,100.
The daily chart is deteriorating the bullish potential. Prices are breaking below the upward sloping trend line support and should challenge the black neckline support at 1,250. Unless prices break above 1,293, we should soon see a strong move down to 1,250. We remain short biased with increased probability of breaking the neckline. Stop for bears is the 1,293 price level.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: