Weekly View 11 Nov - 15 Nov

Gold had a bearish week closing lower at 31056 (USD 1288) and breaking support at fib convergence area between 31369 (USD 1301) and 31514 (USD 1307). These levels were 50 % retracement of the long term 2008 to 2011 uptrend, and 50 % retracement of July to August uptrend respectively. This area now should act as a resistance. Support comes at the last major low of 30164 (USD 1251). A breach of 30164 level would trigger it to test the June 2013 low of 28452 (USD 1180). But to test the 30164 level the price would first have to break the 30718 (USD 1274) level first which has been tested twice before on August and October.
Trade Happy, Trade Safe :)