After dipping as low as $1,146.00 gold bounces back
Bullion.Directory precious metals analysis 14 November, 2014
By Terry Kinder
Investor, Technical Analyst
- $1,143.63 – $1,147.27
- $1,160.60 – $1,164.27
- $1,177.69 – $1,186.70
In my opinion, the $1,186.70 level is especially important. Once price clears that level, the next important Fibonacci Retracement level is 0.382 or $1,235.30.
Gold Bounces Back: After dipping as low as $1,146.00 during the day, gold is now threatening to break through $1,180.00.
As gold bounces back it’s interesting to note that in the early AM it looked like the price was breaking down.
Gold Bounces Back: In the early AM it looked like gold price was faltering. However, note the solid support near $1,140.00 and $1,160.00.
However, gold had strong support near the $1,140.00 and $1,160.00 levels. Near $1,140.00 there was weekly and monthly support, as well as the daily pivot point. At $1,160.00 there was strong daily and weekly support or resistance when I first started looking at the chart. If you look you can see the long candle wick that fell out of the little pattern I traced out last night. Today, as the gold price bounces higher, many will wonder, “Now what?”
If the price can hold above $1186.70 then there is a good chance it will continue to advance to $1,235.30. After that would be the 0.236 Fibonacci Retracement level or $1,295.40. Right above $1,295.40 is the price trigger line based on the Andrews’ Pitchfork. If price can break through and stay above it for a few days then gold might take a run at $1,392.60. But, that’s probably getting ahead of ourselves a little.
For now, continue to monitor if the gold price can stay above the key level of $1,186.70. If it can close above that level and hold it for a few days, then it can make a run at $1,235.30.
This license allows for redistribution of this article, commercial and non-commercial, as long as it is passed along unchanged and in whole, with credit to Bullion.Directory, linking to the original article.Bullion.Directory or anyone involved with Bullion.Directory will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading in precious metals. Bullion.Directory advises you to always consult with a qualified and registered specialist advisor before investing in precious metals.
Leave a Reply