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21.11.201817:06 Forex Analysis & Reviews: Technical analysis for Gold for November 21, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.11.2018 analysis

Technical outlook:

Gold is seen to be trading around $1,225/26 levels for now, and is expected to retrace lower, before finding support and resuming its rally. Please note that the counter trend drop is expected to terminate around $1,214 levels, and possibly $1,208 levels before it finds support to turn higher. Also note that there is convergence seen at $1,208 levels, as depicted on the 4H chart here and hence probability remains high for a drop there. The next upswing is expected to push through $1,248/50 levels at least, as depicted here as fibonacci extensions. If prices manage to push further higher, it could reach $1,270 levels easily before turning lower again. Interim support is seen at $1,295 levels and prices should stay above that to keep bullish structure intact.

Trading plan:

Long around $1,210/12, stop below $1,190, target $1,250 at least.

Good luck!

Oscar Ton
Analytical expert of InstaForex
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