Gold Technical Analysis november 18th 2018
According to the World Oil Ounce weekly chart, the December 11, 2016 floor price of $ 1122.88 would limit the downside of the market after five months, and saw gold entering the long-term bullish channel. The gold price rose further after entering the ascending channel and reached the resistance range of 1365-11375. This range will appear in the form of resistance three times in 2016 and will also include the peak in 2016. In the last week of January, the resistance range prevented the upside movement from triggering the market down the channel’s price floor after one year and four months and defeating a new downtrend of $ 1,160.
But it turned out that the price gap of 2013 was fake at $ 1,180, and global gold entered the correctional phase, rising to a level of 38.2% Fibonacci resistance at $ 1,235. Recently, market gains have been in the form of a bullish channel. Last week, gold ounces continued to rebound from the channel’s canal for the second consecutive time, with a range of 1200-1200, with buyers entering the channel floor and around $ 1,200, and as a result, we saw a positive return on the market at $ 1,215.
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If in the current trading week, the ounce of gold in the form of support hits the range 1215-1200, the market could return to a resistance of 1235 dollars. If the $ 1235 resistance, along with the 38.2% Fibonacci correction, is definitely broken, the ounce of gold could reach $ 1265 in channel ceiling.
In contrast, if the price of gold in ounces falls, the market will return to the bottom of the channel. The channel’s failure along with the $ 1,200 Rand rate could put the market back with 1180 and 1160 support.