Forecast and trading recommendations on Gold for November 05, 2014 Market Analysis Review

The yellow metal bounced back from a 3-day low. The US dollar shifted to a profit booking mode after a huge rally which aided a mild bounce in the yellow metal prices. The metal prices are trading in a tight range. Traders today eye the US jobs data. Today's key level exists between $1,155.00 and $1,150.00 levels. A positive reading in ADP non-farm payroll data puts pressure on the yellow metal to retest $1,161.00 levels, below this, $1,155.00 and $1,150.00 are the immediate support zones. In case, if the metal falls below $1,150.00 it can extend its fall towards $1,138.00. The metal has strong resistance at the broken support trend line, above this, $1,188.00, 200MSma, and $1,212.00, 200MEma. The monthly resistance exists at $1,233.00. On the down side, we recommend selling below $1,160.00 for targets at $1,157.50, $1,155.00, $1,152.00 and $1,150.00 levels for intra week basis. As we recommended earlier, last Friday, and in this Monday's article as well, we still remain for our targets at $1,150.00, $1,100.00, $1,024.00, $927.00 and $850.00-$800.00 in the longer term view. Risky buying on Monday's session met all our targets at $1,173.00, it made high at $1,174.30 levels.

Resistance: $1,186.00, $1,201.00, $1,212.00

Support: $1,161.00, $1,152.00, $1,138.00

In the h4 chart, the prices are consolidating between $1,161.00 and $1,174.30 in a tight range of $13. The prices are closed above 35DEMA in the h4 chart. In the hourly chart, we can observe higher highs and lower lows. We recommend buying above $1,175.00 for targets at $1,177.00, $1,180.00, $1,182.00 and $1,185.00 levels. We recommend fresh safe selling below $1,160.00 or selling at the current market price of $1,168.50 for targets at $1,160.00, $1,155.00, $1,150.00 levels. Until the prices close below $1,192.00, 34hrsma, bears will try to drag the metal on every upswing.

Trade:

Selling below $1,160.0

Risky sellers, selling at a market price of $1,168.50

The material has been provided by InstaForex Company - www.instaforex.com



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