Wednesday, November 11, 2015

Gold seems to be heading lower

Gold has been consolidating during the last few day, as we can see on the daily chart, but today the precious metal has made a lower low, indicating that it remains weak and it could continue falling. Due to the fact that the Dollar and gold have a negative correlation, if the Dollar continues strengthening during this week, gold may reach the support level at the 1070 zone. To the upside, the 1098 level could act as resistance, but if it breaks that level, it may retrace to the 1115 zone.


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9 comments:

  1. UnknownNov 11, 2015, 8:08:00 PM

    Early weaker Chinese data has weighed on gold prices further down.

    ReplyDelete
  2. UnknownNov 12, 2015, 5:21:00 AM

    It could have found some support.

    ReplyDelete
  3. RozenNov 12, 2015, 9:28:00 AM

    It might be a good time to buy now.

    ReplyDelete
  4. UnknownNov 12, 2015, 12:08:00 PM

    Gold is currently testing the previous low at 1077 and I think it will probably manage to break below that level.

    ReplyDelete
  5. UnknownNov 12, 2015, 12:19:00 PM

    Near minimums of 5 years.

    ReplyDelete
  6. UnknownNov 12, 2015, 2:55:00 PM

    Great analysis!

    ReplyDelete
  7. UnknownNov 13, 2015, 2:24:00 PM

    Very useful analysis, thank you.

    ReplyDelete
  8. bewayopaNov 13, 2015, 6:58:00 PM

    Thanks for your analysis.

    ReplyDelete
  9. UnknownNov 15, 2015, 11:39:00 AM

    Very useful analysis.

    ReplyDelete

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