GOLD/USD Forecast November 28, 2014 - Technical Analysis |
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GOLD/USD Forecast November 28, 2014
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Fundamental Analysis

The Gold extended losses for the third consecutive session, hitting one-week low, on expectations that dropping oil prices could raise inflation pressure, and decrease the safe-haven demand of the yellow metal.
Yesterday the Oil declined sharply hitting four-year lows around $70 per barrel, as OPEC decided not to cut its production.
The drop in oil prices, in addition to the strong dollar, hurt the demand of the precious metals.

Technical Analysis

The Gold is tying to break above the $1200 per ounce, however it repressed a strong barrier that pushed the prices to bounce back below $1187.
As we can see on the daily chart, the prices have formed the V-Bottom, and broke below the Ascending trend level, which confirms our expectations that the Gold will witness significant bullish wave before it will resume its bearish trend.
The Gold is expected to recover toward the V bottom target around $1204, then $1230 per ounce.
And the other targets will be toward $1204, $1216 and $1223. The general bullish trend will be confirmed by breaking above the Trigger level of $1204 per ounce.

Support 2 Support 1Current PricesResistance 1Resistance 2

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