Technical analysis for GOLD on 27.11.2015


GOLD is about to test strong support at 1064.15


Gold has been trading above the last week’s low – strong support of 1064.15 for quite a while now. Today this barrier is expected to be tested again.

Trading volumes are low, although the breakout of 1073.90 support, which is now acting as resistance, and the fact that trading remains within the descending channel say in favor of further bearish development.

The downtrend will continue if bears manage to break and hold below 1064.15 support. The breakout will open the way down to 1050.00.

Alternative scenario:  

The downtrend will turn up for correction if price breaches resistance at 1073.90. Potential growth targets in this case will be situated at 1080.70, 1085.10.


Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!


About Author

Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.