Technical analysis of gold for November 28, 2016

Gold price is showing reversal signals off the $1,170 lows which was my lower price range level of an important low. This is also the 61.8% Fibonacci retracement of the entire rise from $1,045 to $1,375. I remain longer-term bullish looking for a new upward move above $1,400 over the coming weeks.

Black line - trend line support

Gold price is making higher highs and higher lows in the 30 minute chart as shown above. Short-term support is at $1,179 and resistance at $1,200. A break below $1,179 will put the low of $1,170 in danger. Breaking below $1,170 will open the way for $1,120. A break above $1,200 could confirm the low is in place and we could see a bounce even towards $1,275.

The weekly Gold chart shows price right at cloud support and signs of a bounce starting. This bounce is expected to be the start of the next big upward move that will eventually bring Gold above $1,400. The signs that will confirm this are a break above $1,260 at first and a break above $1,340-50.The material has been provided by InstaForex Company - www.instaforex.com

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