GOLD
November 6, 2019
TREND: UP
- Technical Outlook
Gold managed to remain inside its consolidation channel, ranging between 1480.00 and 1510.00. Gold fell on Tuesday (November 5) by more than 20 dollars to test the lower boundary of its sideways channel (1480.00), yet managing to stay above its medium- term uptrend line (black), and moreover, above its 100 Day Exponential Moving Average. If Gold manages to stay in its consolidation channel, a bounce- off can take place, which could send prices up toward Resistance 1 of 1511.00.
The Daily Relative Strength Index, however, fell below the mark of 50.0, suggesting that the bears are trying to take control. If true, Gold could slip below its medium- term uptrend line (black) and moreover, below its 100 Day Exponential Moving Average. To the downside, Gold prices can approach Support 1 of 1450.
Graph: (Gold, Daily)
|
Pivot Point: |
1480.00 |
|
Resistance 3: |
1565.00 |
|
Resistance 2: |
1535.48 |
|
Resistance 1: |
1511.00 |
|
Support 1: |
1450.00 |
|
Support 2: |
1426.00 |
|
Support 3: |
1400.00 |
Example of calculation based on weekly direction for 1.00 Lot*
|
GOLD* |
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Pivot Points |
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|
Profit or loss in $ |
8,500.00 |
5,548.00 |
3,100.00 |
-3,000.00 |
-5,400.00 |
-8,000.00 |
|
Profit or loss in €*** |
7,674.94 |
5,009.48 |
2,799.10 |
-2,708.80 |
-4,875.85 |
-7,223.48 |
|
Profit or loss in £*** |
6,596.82 |
4,305.78 |
2,405.90 |
-2,328.29 |
-4,190.92 |
-6,208.77 |
* 1.00 lot is equivalent of 100 units
*** Calculations for exchange rate used as of 8:32 am (GMT) 06/11/2019
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
**** Please, consider closing your position in profit, even if it is lower than suggested one
***** Trailing stop technique can protect profit – Ask your Senior Account Manager for more details
