Technical analysis for GOLD on 27.11.2015

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GOLD is about to test strong support at 1064.15

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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.

 

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