17.11.201610:25 Forex Analysis & Reviews: Technical analysis of gold for November 17, 2016

Long-term review

Tieto informácie poskytujeme retailovým a profesionálnym klientom ako súčasť marketingovej komunikácie. Neobsahujú investičné poradenstvo, investičné odporúčania, ponuku ani výzvu na vykonanie transakcie alebo použitie stratégie na finančných nástrojoch a ani by sa tak nemalo s nimi zaobchádzať. Minulá výkonnosť nie je zárukou ani predikciou budúceho výkonu. Spoločnosť Instant Trading EU Ltd. neručí a nepreberá žiadnu zodpovednosť za správnosť a úplnosť poskytovaných informácií ani za stratu, ktorá by vyplynula z akejkoľvek investície založenej na analýze, predpovedi alebo iných informáciách poskytnutých zamestnancom spoločnosti alebo iným spôsobom. Celé vylúčenie zodpovednosti nájdete tu.

Gold price is moving higher early today as the US dollar weakens. Gold price is at very important price levels that justify a bounce if not a bigger reversal for the start of the next leg up. My long-term reversal zone is $1,220-$1,170 and we already have touched a part of this area.

Red rectangles - resistance

Gold price is below the Ichimoku cloud. The daily trend is bearish as long as price is below $1,307. Resistance levels are $1,254, at $1,1273, and at $1,307 as the most important one. Oscillators are oversold and turning upwards for Gold. Gold should bounce towards at least $1,254 and most probably towards cloud resistance.

My long-term view remains bullish as I believe Gold could very well have ended wave 2 down or at least is at its final stages. Gold could push towards the 61.8% Fibonacci retracement but only after a short-term bounce. Traders should be looking for long positions as the next big move will be to the upside.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.