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GOLD: Good level for long by the Medium Term trend

GOLD:

Date: 11 November, 2016

H4 Graph: Medium Term trend

The price of the metal fell after reaching to a new high and hitting a resistance at $1336. The price fell back within the highly visible bullish price channel and stopped at horizontal and diagonal support. It is forming higher highs and higher lows. 50 ЕМА is above the 200 ЕМА. The horizontal support at $1273/1275 зона.  The price remains above the horizontal and diagonal supports.

goldsfh4

Alternative scenario: If the price moves back below the previous lows and below the horizontal and diagonal support, this will not only cancel the bullish view, but it may also give us a signal for short.

Technical indicator:

DEM (14): Still not in the overbought zone

Price for Entry long around: $1275

SL: $1265

Jr. Trader – S. Fuchedzhiev


 Varchev Traders


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