Daily analysis of Gold for November 16, 2016

Share This:

GOLDH4.png

Overview

The gold price continues fluctuating within a sideways range between the 1,211.31 support and the 1,249.94 resistance. Thus, we still keep our outlook neutral until the price manages to breach one of these levels and detect its next track clearly. Note that a break of 1,211.31 levels will extend the correctional bearish wave to target the 1,172.68 area; while a breach of 1,249.94 represents initial positive factor that supports the attempts to regain the main bullish trend. Upside targets will begin at 1,297.74 and extend towards the previously recorded top at 1,375.00. The expected trading range for today is between the 1,211.00 support and the 1,249.94 resistance.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex

Leave a Reply

Your email address will not be published. Required fields are marked *