06.11.201514:36 Forex Analysis & Reviews: Technical analysis of Gold for November 06, 2015

Long-term review

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Technical outlook and chart setups:

Gold looks to remain vulnerable till prices stay below $1,120.00 levels. As depicted on the 4H chart view here, the yellow metal has broken a rising support trend line and is trading pretty close to its past support at $1,198.00 levels. The daily chart shows some support coming in just ahead of $1,100.00 levels and is producing an engulfing bullish candlestick pattern, but waiting for the follow through after NFP release. It is recommended to remain cautiously bullish at the moment, with risk below $1,100.00 levels. Immediate support is seen around $1,100.00 levels (interim), followed by $1,080.00, while resistance is seen at $1,120.00 levels and higher respectively.

Trading recommendations:

Cautiously long with stop below $1,100.00 levels.

Good luck!

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