it testament locomote up both many days exchequer 1650 or 1660 purchase now is whatsoever what serious because we may look any flow because there was few immense name in yesteryear life, lets wait for it to signaling many emerge.
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it testament locomote up both many days exchequer 1650 or 1660 purchase now is whatsoever what serious because we may look any flow because there was few immense name in yesteryear life, lets wait for it to signaling many emerge.
Gold only moved in small range yesterday and because of that if we look on daily time frame, the yesterday's movement only form an inside bar candle. So the break out movement may happen today.
If Gold can break the yesterday's high, Gold may touches the 1759.04 resistance level or higher. But if Gold can break the yesterday's low, Gold may touches the support level at 1740.05 or lower.
At the H4 chart price is above the 12 EMA (red) and 72 EMA (blue) indicates the trend is still up
21 RSI is above 50 indicates the trend is still up
Recommendation: BUY
Target: 1762.67
Commodity Analysis: “Gold bounced from the 50% retracement of the rally from 1672.50 Thursday but what bothers me about being bullish is the corrective nature of the rally from the low (3 waves). However, the low on day 3 of the month and emotional trade at the low (11/2 was a JS Thrust day) suggests that price is likely to stay above 1672.50 for the remainder of November. Perhaps a complex correction is underway (series of 3 wave movements) throughout November.”
Commodity Trading Strategy: “I’m on the lookout for a wave 2 or B top below the October high at higher levels.” 1770/80 is of interest as a reversal zone.
LEVELS: 1719 1727 1736 1763 1771 1780
The Gold look still sideways. But this can be more nice bulls continuation again then . if the buyer here can break that so strong supply at 1754.08. For now . wait and see is more better action then - if that 1754.08 was break up by buyer search again for new Buy here will be good action,
The Gold became slightly cheaper due to profit taking after rising to one-month high on Friday and accumulation of the long positions at the 1749 dollars per troy ounce level for December futures price of gold.
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Gold corrected lower yesterday to hover around 1748 area, indicating bias is neutral for nearest term.
Break below 1742 support area could trigger further bearish correction back to 1735 or even 1720 region.
Only a break above resistance at 1755 area which could continue the medium term bullish outlook targeting 1770 region.
Gold is currently testing the upper limit of its medium-term bullish channel at 1,758 suggesting a decline. However, a break of these levels will initiate a more violent bullish channel.
Technical indicators provide sell signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in the short term.
Gold is currently testing the upper limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1,758 with the 1st objective at 1,748 and then at 1,745. A breakthrough of 1,760 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy gold as soon as it is broken through its resistance of 1,758 with the 1st objective at 1,768 and then at 1,770. A breakthrough of 1,755 will invalidate this scenario.
For gold now need wait for the southern correction was forming the top 3 of fractals (following merchants) after which the price decline sharply beginning and now broke through the lower zone of the fractal, reducing the level of forward 1737.40.
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