Overview:
Since our last analysis, gold has been trading upwards. As I had expected, the price tested the level of $1,097.91. According to the daily time frame, I found a strong pin bar and reaction from buyers, which did not let sellers to break the key support at the level of $1,077.00. According to the M30 time frame, I found a massive volume spike at the level of $1,074.00 and very strong reaction from buyers shortly after (sign of strength). Strong support is seen near the level of $1,090.00-$1,089.00. We can observe a change in polarity and old swing highs became support levels. Potential resistance levels are at the prices of $1,104.00, $1,118.00, and $1,132.00 as well as $1,145.00.
Daily Fibonacci pivot points:
Resistance levels
R1: 1,089.35
R2: 1,090.35
R3: 1,092.00
Support levels:
S1: 1,086.15
S2: 1,085.00
S3: 1,083.60
Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Good intraday support is at the price of $1,090.00.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Gold analysis for November 16, 2015 . Thanks for your support.
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