Gold analysis – 28 Nov 2019

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By: Ahura Chalki

New Records for Stocks & Confusing Trade Talks!

Ahead of the long weekend with Thanks-giving holidays in the States, stocks hit new records high. “The S&P 500 was up 0.42%, with the Dow up 0.15%. The Nasdaq Composite and Nasdaq 100 indexes were up 0.66% and 0.70%, respectively, based in part on a strong performance from Amazon.com (NASDAQ: AMZN), up as investors predict a strong Black Friday sales performance. The Russell 2000 index, up 0.56%, hit a 15-month high” (Investing.com). On the other hand, Trump signed the Bills backing Hong Kong protesters (The Guardian). While previous news was about how they are close to signing the “Phase-One” deal. While the markets and investors are more than desensitized to all these changes and news, coming every second in different ways, from nonsense and none end trade talks, green stocks putting more pressure on the gold price, while mixed data from the US, trying to send it higher. Today, the Gold market will be closed earlier, from 6 pm to 11 pm GMT. Trading with support and resistance levels at the moment is more effective.

Technical analysis:

Market volume is lowering clearly, while technical indicators have totally mixed data. EMA crossing strategy supports the bears, which RSI also by moving under 50-level, confirming that. Stochastic but in the line with Parabolic SAR, both supporting the bulls. The Renko chart still has Red Bricks.

Pivot point: 1455.70

Resistance levels: 1458.88 / 1465.16

Support levels: 1449.41 / 1446.22

Today the expected trading range is between 1446.22 support and 1465.16 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.

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