Wednesday, November 16, 2011

Gold Analysis - November 17, 2011


GOLD: The Yellow metal might have completed a bearish Evening Star candlestick formation near $1800.00 and has broken through rising channel support. This might end up testing the 38.2% Fibonacci retracement level at $1746.26. A move below that level could end up testing the 50% Fib at $1695.05.


Looking up, the channel bottom, at $1780.64, is now near term resistance.
by David Frank, AVA FX
DISCLOSURE & DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY AND NOT TO BE CONSTRUED AS SPECIFIC TRADING ADVICE. RESPONSIBILITY FOR TRADE DECISIONS IS SOLELY WITH THE READER.