Gold ounce november 30th 2018 technical analysis
The four-hour resistance, estimated at 168.8% Fibonacci retracement at 1229.3 and the Fibonacci retracement of 78.6% at $ 1228.8, has played a tangent role in recent trading. Still, there is still the possibility of upside ounces of gold. The gold ounces weekly chart shows that the upside continues to rise to $ 1236.6. On the daily chart of gold ounces, the next target of the market is at 1236.9 USD.
Price action strategy
The 1236.6 dollar weekly resistance is still a key and important level for Oz Gold traders. This resistance is near the Fibonacci resistance of 4 hours. Since the 4-hour supply range of 1245.0-1240.3 is located just above the weekly resistance, it should be ready for fake failure of weekly resistance. If the 4-hour downtrend pins in this range are formed, you can enter the ounces gold deal. The first profit margin will be $ 1229.
On a quarterly chart of the global gold ounce, the four-month downtrend started at $ 1,665 after a record low of $ 1,160. The market went into the correctional phase, rising to a level of 38.2% Fibonacci at $ 1240 Rand. This is a corrective return in the form of a long-term uptrend channel for the quarter. But since October 23rd, the long-term canal ceiling and $ 1,240 have been blocking corrective actions, triggering a downward decline in the downtrend channel in the short run.
Recently, the ounce of gold continued to rebound from a resistance range of 1230-1222 and a canal roof with a support range of 1215-1211.90, due to the presence of buyers in that range, the price of gold rose and the market reached a resistance range after the downfall channel ceiling . But so far, the 1230-1228 range has again prevented further upsurge and has pushed back the downside of the market.
If the market is already trading below the ceiling of the downside channel and the Rand rate of $ 1220, then the gold ounce will continue to fall back to support range from 1230-1222.
In the face of a short-term fluctuation of the market between the resistance range and the 1220 dollar rate. For the ounce of gold to move up to the main resistance target in the 38.2 percent Fibonacci retracement range at $ 1240, a break in the range of 1222-1230 is required.