Technical analysis for GOLD on 26.11.2015

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Gold consolidated below tough reststance of 1073.90

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Gold has been trading within the short-term downtrend for the third consecutive week (dashed line). Corrective growth to the channel’s upper border at 1080.00 is followed by the rebound down.

The price is now consolidating below the significant resistance of 1073.90. Trading volumes are low, suggesting the possibility of the rebound down.

The closest decline target is situated at the last week’s low of 1064.15. Medium-term downtrend will continue if bears manage to break this barrier. The next decline target in this case will be found at 1050.00.

Alternative scenario:    

The downtrend will turn up if price breaks the weekly high at 1081.00. The breakout will allow bulls to push the price higher towards 1085.10, 1100.00 marks.

 

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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.