The Yellow Metal

Gold markets fell this past week, reaching towards the $1200 level. This is an area that has been massively supportive in the past so the fact that we bounce slightly off of the level on Friday, makes a lot of sense. However, we can break down below that level we should continue to go much lower. Because of this, and the fact that we have seen so much bearish pressure, it’s likely that exhaustion will invite more selling. Because of this, I have no interest in buying at the moment.

GOLD DAILY

Gold prices moved lower on Friday, initially pushing down through short term support near 1211 to the 1202 level just above the May lows at 1119.

Source: 21-11-16

GOLD H4

We see our price bounced off our trendline ,testing the strength of the resistance . We also see our stochastic starting to turn downwards , giving us an indication that the downward momentum can/will still continue.

Source: 21-11-16

GOLD H1

Our plan on this pair will be taking our sell positions everytime price touches our resistance trendline. Scalping would also be a great choice during the day using the 15m chart. Go get those pips guys!!

Source: 21-11-16

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