FX.co ★ Gold technical analysis for November 24, 2015

I believe пold price is at an important trend-turning point in the short- and long-term trends. The price is expected to perform a strong bounce towards at least $1,120-30. However, there are also many chances that the entire bearish market is over or at its final stages.

Red line - resistance

The 4-hour chart above shows gold trading below the Ichimoku cloud confirming that the short-term trend is bearish. Bulls so far tried to break above the cloud twice and got rejected. We can see a new lower low. We are at the final stages of a decline from $1,190 and we either are going to bounce now or we are going to see $1,050-40 first and then bounce after the third rejection. No matter what , the bounce will certainly come above $1,100.

The weekly chart above shows that the price is trading inside a bullish wedge. Stochastics are at the oversold levels turning upwards. This time things might be different and instead of a bounce we can see the start of a new upward move in gold prices. However, a breakout above the weekly Ichimoku cloud will confirm a trend change.