Forex trading signals and analysis for GOLD – 5 Nov 2014

Forex trading signals and analysis for GOLD – 5 Nov 2014

Analysis:

Gold continued to consolidate between 1160 – 1175 for the third day with bias down trend. After a long down move, we expected that Gold will bounce back to retest 1183 – 1185 zone but it looks like the sell side don’t want to take profit early.

The short term trend is not clear now, Gold can move up to test 1183 – 1185 zone or continue to move down to break 1160 zone. There will be Non-manufacturing ISM data today and we expect that Gold will break 1160 – 1175 range today. Although the bear is controlling the market and it is likely that 1160 will be broken but it is better to wait for clear signals to entry today.

XAUUSDH4 - 5 Nov 2014

Forex Trading Signals:

For safer entry, we will watch for sell signals to short Gold around 1174 – 1178 or 1183 – 1185 zone today.

Resistant zone:

– 1200 – 1205

– 1183 – 1185

– 1174 – 1178

Support zone:

– 1160 – 1163

– 1135 – 1140

ForexSignals247

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