Weekly View 17 Nov - 22 Nov

Gold produced a doji in weekly chart after two consecutive losses off of USD 1353. For now, long as price trades below USD 1321 level the view remains bearish for a test of further low. Weekly RSI is being resisted at previous resistance level of 48 and trading below at around 39. On Daily Chart, support levels USD 1260 and USD 1250 are holding good as of now as it has been tested but denied before. Break below USD 1250 level would confirm a test towards USD 1180, where, above USD 1350 which will be above the 150 SMA in daily chart would help a bullish view to test USD 1385 first and then further above.

Gold's success so far holding above USD 1250 after couple of tests is encouraging from a longer terms perspective and it is possible that the metal is forming a base, particularly given that it nearly achieved our technical objective of USD 1155 (when it traded to a low of USD 1180).

Trade Happy, Trade Safe :)