19 Nov Tuesday View

Gold's upside gains past week doesn't seem to be that convincing and yesterday it pared some of the gains it made last week off the low of 1260. But the level around USD 1270 is somewhat holding the price for now. If this level holds and pushes the price upwards, a base may be seem to be created at this level which can be seen in higher time frame charts as well. In H4, we may see some more upside move above USD 1270 but as long as the price is below USD 1321 level, it will be considered a correction of fall from USD 1361 to USD 1265. Break of USD 1321 would advise us to reconsider the price movement from correction to change in trend. If the level USD 1270 fails and tests below USD 1250, the fall from USD 1361 would be considered to be in resumption and we may see a retest of USD 1180 once more.

Trade Happy, Trade Safe :)