Technical outlook and chart setups:
Gold has broken above the initial interim resistance at $1,095.00, which was discussed at a potential trigger for at least a counter-trend rally. Also note that the immediate downtrend line has been broken and prices could rally higher towards $1,112.00 and $1,136.00 before reversing lower. Please note that this could still be considered as a counter trend/corrective rally until $1,180 resistance remains intact. Initial support is seen at $1,085.00 followed by $1,075.00, while resistance is seen at $,1,110.00, followed by $1,140.00 and higher.
Trading recommendations:
Stay long at $1,085.00, stop is at $1,070.00, a target is at $1,135.00/40.00
Good luck!
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 Technical analysis of Gold for November 16 2015 . Thanks for your support.
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