FX.co ★ Gold Technical analysis for November 24, 2014

Gold price continues to trade around the 61.8% retracement level. The trend is neutral as we have not seen a clear break above $1,200 yet. A clear break above $1,200 could push Gold price towards $1,225. Critical short-term support is found at $1,190-$1,174. I still believe this upward move from $1,130 is corrective and we have not seen the low in Gold price.

Red line = resistance

Blue line = support

Gold price continues to trade within the trading range of $1,204 and $1,174. The short-term trend remains neutral. A break above $1,203-$1,204 will give a bullish signal with $1,225 as the first target. Support at $1,174 will be tested if we see Gold price break below $1,190.

Black line = support

Gold price continues to trade around the 61.8% Fibonacci retracement which is important resistance. Holding above the cloud and the black trend line is a sign that bulls continue to have the upper hand. Short-term support by the kijun-sen is at $1,191. Soon, we will see if support holds and price bounces above Friday's highs or we see a trend reversal from the current levels and a push towards $1,174 support. My longer-term view remains bearish targeting at $1,050.