You are here: Home > articles > Commodities > Forex > Technical analysis for Gold for November 19, 2018
Technical analysis for Gold for November 19, 2018
November 19, 2018 8:23 amVideo
Latest News
- 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
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
Gold price has reached the 61.8% Fibonacci retracement and the $1,222-23 resistance area as expected, after breaking above the $1,213 short-term resistance. Gold could continue a bit higher but I do not see it breaking above $1,243.50. I expect Gold price to soon reverse to the downside.
Green line – trend line support
Blue rectangle – support area
Yellow rectangle – short-term resistance
Red rectangle – major resistance
Gold price has bounced from the green trend line support and has already reached the 61.8% Fibonacci level. This is important short-term resistance. If prices break below the green trend line we should expect Gold price to fall towards the blue area. If Gold price breaks above the $1,240-43.50 area we should expect Gold price to reach $1,255-60 area. I’m currently bearish expecting a lower high. I see this bounce as a selling opportunity with stops placed at $1,243.50.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: