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[QUOTE="bhanu545, post: 73849, member: 7126"]
[b]Gold Technical analysis for November 26, 2014[/b]

Gold price is trading very nervously still inside a trading range of $1,208 and $1,189. Ichimoku indicators remain bullish but with the tendency to change to neutral. Price is below the important resistance and pivot point of the 61.8% retracement of the decline from $1,255. Bulls should keep their stops tight as the down trend could resume any time.
[IMG]https://forex-images.instaforex.com/userfiles/20141126/gold.jpg[/IMG]
Red line = resistance 
Black line = support 
The short-term chart above shows the choppy action in Gold the last few days. There is no clear impulsive action from $1,130 and I believe that this upward move is only a correction against the bigger down trend. Prices usually reverse around the 61.8% retracement levels and this is what I expect to happen in Gold as long as price remains below $1,208.

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