Daily analysis of Gold for November 28, 2016

Overview

The gold price starts this week with more positivity testing the minor resistance 1,197.00, which represents the previously broken support line shown on the chart. A breach of this level will reinforce our expectations of bullish trend continuation in the upcoming sessions and will make the price head towards our first main target at 1,211.31. In general, we still expect the bullish trend on the intraday basis as long as the 1,172.68 level remains intact. A breach of the 1,211.31 level will push the price towards 1,249.94, while a break of 1,172.68 will push the price to 1,124.88 before any new attempt to rise. The expected trading range for today is between the 1,180.00 support and the 1,211.31 resistance.

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