Gold rebounds over instability in Europe

16 November,, Islamabad  Traders are still thinking that Gold will approach 1050 side or 1016, however there is a possibility that it will never happen after Paris attacks.

Gold rebounds over instability in Europe and it is not looking down for the whole upcoming week anymore. Now it is the time for some retracement towards 1100-1116 side and those levels are expected to be finalized within the next wave.

The yellow metal has been dropping for the last couple of weeks continuously with no clear retracement which makes the current geopolitical environment very appealing for a strong bullish correction.
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Perfect Fibonacci move is also there and we can see in bigger time frame the same move is happening again as it happened back in June where the bullion dropped from 1203 towards 1075 and before the yellow metal reached its major levels which was at 1050-980 zone.

16/11/15 - XAUUSD H4 chart 16/11/15 - XAUUSD H4 chart

At the moment a bullish move is expected from Gold towards 1100-1116 zone; however scalpers could take the opportunity to sell Gold at 1100 zone to buy from 1082 level in the next 2 days. If you are considering selling Gold you should beware that sell orders are risky as we are expecting to see a breakout towards 1116 or 1050 side respectively.

On the long run I will suggest to wait for a good entry price from 1116 side for the target towards 1050-1016 side because once Gold will give some retracement towards its 38% Fibonacci retracement zone and strong resistance zone of 1116 it can drop and can speedily break its last low range of 1075 and can approach 1050 which is the approx ultimate target for this month.

Daily Pivot: 1083

R1: 1089

R2: 1097

R3: 1106

Key point for Buying today: 1082

S1:  1075

R2: 1069

R3: 1060

Key point for Selling today: 1100-1104

About the contributor

This article was written by Nasir Ali, a Forex professional from Pakistan.

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