Technical analysis of gold for November 9, 2017

Gold price has been making higher highs and higher lows since a pullback from the low at $1,263. The short-term trend has changed to bullish and is challenging important resistance at $1,283-86. Gold is in a bullish short-term trend as long as price is above $1,272.

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Blue lines – bullish channel

Red rectangle – short-term support

Green rectangle – important medium-term support

Gold price is trading inside a bullish channel. The trend is bullish. Support is at $1,272. Breaking below the red rectangle will increase the chances of breaking below the green rectangle support at $1,262. Breaking below $1,262 will open the way for a push towards $1,245.

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For now, gold price is trading above the daily kijun-sen (yellow line indicator) resistance. A daily close above it will open the way for a push higher towards the Kumo (cloud) resistance at $1,300. A rejection here will increase the chances we are still in a corrective phase and will eventually move towards $1,245-50. I remain longer-term bullish gold.The material has been provided by InstaForex Company – www.instaforex.com

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