Gold analysis for November 18, 2016




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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,202.76 in a high volume. Using the market profile on 15M time frame, I found today's point of control at the price of $1,208.20. I found signs of a trend dynamic from bearish to bullish. Price is trading above 21SMA, which indicates strength. Besides, a down bar closed in the middle of the background is another sign of strength. Watch for potential intraday buying oppportunities. 


Resistance levels:

R1: 1,226.45 
R2: 1,331.30 
R3: 1,239.00 


Support levels: 


S1: 1,210.70 

S2: 1,205.40 
S3: 1,198.15 


Trading recommendations for today: Watch for potential buying opportunities.




this material has been provided by instaforex company 


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pipsumo Traderfx

A forex trader who enjoy doing forex naked chart and make profit with forex expert advisor.Also enjoy to socialize with other forex trader in the world.