Technical analysis of gold for November 29, 2016

Gold price continues to hold recent lows but has also not broken the $1,200 short-term resistance. A medium-term trend remains bearish. A short-term trend is neutral as there are signs of a trend reversal. Gold price is trading around long-term support levels.

Green line - trend line support

Price is above the short-term Ichimoku cloud and trend line support. This support is now at $1,187. Resistance is found first at $1,195 and next at $1,200. Next important support is at $1,177.

Gold price is at an important support area. Price is right on top of the lower Ichimoku cloud boundary and at the 61.8% Fibonacci retracement of the entire rise from $1,045 to $1,375. Gold justifies a big trend reversal from current levels.The material has been provided by InstaForex Company - www.instaforex.com

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