Reply to thread

Message

[QUOTE="bhanu545, post: 73080, member: 7126"]
[b]Gold Technical analysis for November 14, 2014[/b]

Gold price is breaking below short-term support levels and is giving bearish signals in the short-term charts also. There is increased probability that the upward corrective bounce ended at $1,178 and that we start a new downward move that is expected to reach $1,050. 
[IMG]https://forex-images.instaforex.com/userfiles/20141114/goldh4.jpg[/IMG]
Black line = resistance 
Blue line = support 
Gold price has broken below the Ichimoku cloud. This is a bearish sign for the short-term. Support is found is at $1,146 and if broken I expect to see new lows and $1,100 to be challenged. The trend remains bearish with lower lows and lower highs from $1,178 where we saw the reversal exactly at the 38% retracement. My view remains bearish and in the following chart the $1,050 target is also justified by a longer-term chart.

Verification