FX.co - Gold 11.21.2019 - Rejection of the multi Fibonacci confluence at $1.4652, possible upside movement and test of $1.478.

2019-11-21T14:11:27

Relevance until2019-11-22

Gold 11.21.2019 - Rejection of the multi Fibonacci confluence at $1.4652, possible upside movement and test of $1.478.

Gold has been trading downwards at the price of $1.465 but I saw strong rejection and potential for upside rotation. I found major Fibonacci confluence at the price of $1.465 and exactly of that level buyers came in, which is for me strong sign the level was seen and accepted by most of traders.

Gold 11.21.2019 - Rejection of the multi Fibonacci confluence at $1.4652, possible upside movement and test of $1.478.

My advice is to watch for buying opportunities on the dips on the lower frames 5/15 minute time-frames in order to time your entry better. Upward targets are set at the price of $1.477 and $1.483.

Stochastic oscillator is showing oversold condition on the 1H time-frame and bullish divergence, which is sign that sellers got no power for further downside at the moment.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

#Technical analysis #Gold

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2025

FX.co ★ Gold 11.21.2019 - Rejection of the multi Fibonacci confluence at $1.4652, possible upside movement and test of $1.478.

Forex Analysis

Gold 11.21.2019 - Rejection of the multi Fibonacci confluence at $1.4652, possible upside movement and test of $1.478.