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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Gold analysis for November 24, 2016

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Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,180.17 in a high volume. Using the market profile analysis, I found the fairest price today at the level of $1,186.30. Besides, I found a trading range between the price of $1,180.00 (support) and the price of $1,192.00 (resistance). Watch for a potential breakout of a trading range to confirm further direction. According to the 30M time frame, I found strength and bar closed in the middle, which is a sign of strength. If the price breaks upward, the upward target is set at the price of $1,212.70 (the point of control from yesterday). The breakout of support will confim potential testing of $1,172.50. I give a higher chance to the upside according to the current background.

Fibonacci pivot points: Resistance levels:

R1: 1,206.90

R2: 1,213.40

R3: 1,223.60

Support levels:

S1: 1,186.30

S2: 1,179.90

S3: 1,169.60

Trading recommendations for today: Watch for a breakout of a trading range to confirm a further direction.

The material has been provided by InstaForex Company - www.instaforex.com