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Message: [QUOTE="bhanu545, post: 73912, member: 7126"] [b]Gold Technical analysis for November 27, 2014[/b] Gold price has broken below the triangle pattern overnight and is now back testing the triangle break level. Short-term trend is still neutral with a hint of reversing to bearish. As long as price is below $1,208 I believe we are in a topping formation with increased chances of breaking lower. [IMG]https://forex-images.instaforex.com/userfiles/20141127/goldh4.jpg[/IMG] Red line = support Black line = triangle Gold price remains above the cloud support and above the red trend line support. Gold price also remains below the important resistance of $1,208 where the 61.8% Fibonacci retracement is found. I believe that once the cloud is broken we will see a strong downward move towards $1,050. I prefer to be short with $1,208 stop and add to my short positions if support at $1,165-$1,170 fails. Performed by Alexandros Yfantis, Analytical expert InstaForex Group © 2007-2014 [/QUOTE]

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