Gold can't handle H4 down trendline!

gold 27.11.

As you can see, gold have problem with H4 down trendline and MA200 in the last couple of days, but every drop has returned to the starting position. Still looking bullish, but losing momentum and decline to 1180 is possible if bulls didn’t manage to brake trendline today. 1208/10 is first target and resistance for bulls on the way up. As I wrote on my gold analysis last week, that level is 61.8 fibo return of the October 21. –> November 07. fall and 38.2 fibo of the July 10. –> November 07. fall is at 1215. Support as we can see is between 1180 and 1190.

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7 comments

  • Great prediction as always Mario. Real battle between bulls and bears at 1178/80, beautiful. 🙂

    Liked by 1 person

    • Bulls are losing this one, equities are strong, USD as well and that’s it. I am over for this week, see ya! 😉

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  • Fenomenalno Mario, svaka čast. Odradio sam ovaj short 1196->1180. Hvala! 🙂

    Liked by 1 person

    • Nema na čemu, odbijanac također po analizi, najniža danas 1179, a trenutno smo na 1188. No, treba biti jako oprezan danas na zlatu i obavezno zatvoriti sve pozicije do kraja dana. 😉

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  • Znači, moguće je da se vrati nazad između 1180/90 i onda opet gore?

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    • Possible, yes. But, there is 50.0 fibo at 1192/93 first, and we can see thare is buyers bellow that level as well. If gold decline down it’s hard to say from wich level could go up, that’s why I put this time support or buyers zone between 1180/90. Today i s Thanksgiving day in US, that could be also a problem. This is what I see last couple of days and that’s why I didn’t analyse gold until today. It was neutral!

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      • Swiss referendum or not, your technical works! 🙂

        Liked by 1 person

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