Daily analysis of Gold for November 24, 2016

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Overview

The gold price confirmed a break of the 1,211.31 level after closing the daily candlestick below it, which puts the price under negative pressure that we expect to dominate the upcoming trading. The downward target represents testing of the 61.8% Fibonacci correction level that forms key support at 1,172.68. Therefore, the bearish bias is expected today. The bias is supported by the negative pressure formed by the EMA50. It is important to monitor the price behavior when reaching the targeted level, as a break of it will extend losses to 1,124.90 levels. The negative pressure will remain valid until the price manages to breach and step above 1,211.31 levels again. The expected trading range for today is between the 1,170.00 support and the 1,200.00 resistance.

The material has been provided by InstaForex Company – www.instaforex.com

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