empty
 
 
20.11.2019 07:37 PM
Technical analysis of Gold for November 20, 2019

Gold price reached $1,478 today but price could not stay for long above the 38% Fibonacci retracement resistance. This is a sign of weakness. Price is now trading below this resistance at $1,467. Gold price is pulling back towards short-term support of $1,464 but as long as price is above $1,455 we could see another move higher towards $1,490. Medium-term trend remains bearish as long as price is below $1,500-$1,525.

This image is no longer relevant

Green line - upper bearish channel boundary

Gold price is making higher highs and higher lows in the 4 hour chart after bottoming below $1,450. We warned bears then that a bounce was coming. This bounce might yet be not finished. We could see price move towards the 61.8% Fibonacci retracement level. This bounce is considered a selling opportunity. I'm bearish Gold as long as we trade below $1,500.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback