FX.co ★ Technical analysis of Gold for November 16 2015

Technical outlook and chart setups:

Gold has broken above the initial interim resistance at $1,095.00, which was discussed at a potential trigger for at least a counter-trend rally. Also note that the immediate downtrend line has been broken and prices could rally higher towards $1,112.00 and $1,136.00 before reversing lower. Please note that this could still be considered as a counter trend/corrective rally until $1,180 resistance remains intact. Initial support is seen at $1,085.00 followed by $1,075.00, while resistance is seen at $,1,110.00, followed by $1,140.00 and higher.

Trading recommendations:

Stay long at $1,085.00, stop is at $1,070.00, a target is at $1,135.00/40.00

Good luck!