Gold analysis – 12 Nov 2019

0

This post is also available in: فارسی (Persian)

 

By: Ahura Chalki

Buyers and sellers war at three months low!

Gold had another free fall, a day ago, despite all the risk on the market and when buyers were waiting for another jump. Among all worries about tensions on Hong Kong, while the US-China trade deal has not been signed and the US government holding their back against China and all political pressures on the US President, Donald Trump and his impeachment’s challenges, buyers have been hoping on price reversal, while Gold had another deeper move to test $1448. Currently trading above $1450, after correction during the Asian season. Since politicians driving the Gold market these days, investors are waiting for a speech by U.S. President Donald Trump to the Economic Club of New York later today, in case if he has any news on the “Phase-One” trade deal.

Technical Analysis:

Gold holding its side movement at the Asian season. $1468 and $1479 are key resistance at the moment, while $1434, 78.6% of main Fibonacci also is the strong key support. Technical indicators still strongly supporting the bears.

Pivot point: 1456.42

Resistance levels: 1464.75 / 1474.79

Support levels: 1446.38 / 1438.05

Today the expected trading range is between 1446.38 support and 1474.79 resistance.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

LEAVE A REPLY

Please enter your comment!
Please enter your name here