Gold Price Support Resistance Next Week (11-17-14)

Gold Price Support Resistance Next Week (11-17-14)

Bullion.Directory precious metals analysis 17 November, 2014
By Terry Kinder
Investor, Technical Analyst

It was one heck of a week for gold last week with a wild finish for the week on Friday to boot. On the 14th, gold dropped all the way to $1,146.00 before reversing as high as $1,192.90. Gold finished the week at $1,185.60, just a bit below key resistance at $1,186.70. One gold bear (at least as far as the charts have been concerned), Peter L. Brandt, noted that if gold finished above $1,180.00 and then $1,202.00, that could indicate the over three year bear market for the yellow metal was coming to a close.  It’s hard to be sure, but it appears analyst sentiment had tilted too far towards the position that gold would dip below $1,000.00. As I wrote last week, one should never say never because that’s when you end up being wrong.  So, let’s take a look at a chart and see what it has to say. After that we’ll take a look at gold price support resistance next week.

Gold Price Support Resistance Next Week (11-17-14): If gold price can rise and stay above 0.5 Fibonacci Retracement level or $1,186.70, then the next target would be the 0.382 Fibonacci Retracement level or $1,235.30.

As you can see in the chart above, one of the important levels of gold price support resistance next week is $1,186.70 or the 0.5 Fibonacci Retracement level. If the gold price can break and hold above that level then the next important level above that is $1,235.30 or the 0.382 Fibonacci Retracement level.

Important chart features:

A. MACD bullish crossover. MACD is still below the zero line, but at least it is headed in the right direction;

B. RSI is neither overbought nor oversold. It is almost smack in the middle between 30 and 70, so it has some room to run before reaching the oversold level.

Gold Price Support Resistance Next Week – Other Important Levels

Support:

• $1,160.60 – $1,164.27
• $1,143.63 – $1,147.27
• $1,138.10
• $1,126.78 – $1,130.40
• $1,110.06- $1,113.65
• $1,093.46 – $1,097.08
• $1,076-99 – $1,080.53

Resistance:

• $1,177.69 – $1,186.70
• $1,207.31 – $1212.26
• $1,235.30
• $1,242.31 – $1,247.33
• $1,265.05 – $1,268.89
• $1,282.90 – $1,286.76
• $1,300.87 – $1,304.76

I expanded the gold price support resistance next week ranges just in case there was more price volatility in the coming week. While I’m not necessarily expecting the gold price to reach the extremes of support and resistance thought it wouldn’t hurt to have the “outside” ranges available to look at.

If price can break above resistance at $1,186.70, that could prove important as it would represent price rising out of the descending Andrews’ Pitchfork. If price can rise above $1,186.70 and hold, then the next upside targets would be $1,235.30 and $1,295.40. If price fails at the $1,186.70 level then $1,138.10 and $1,078.00 could come back into play.

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