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FX.co ★ Analysis of Gold for November 16,.2021 - Breakout of the ascending triangle

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Forex Analysis:::2021-11-16T12:12:09

Analysis of Gold for November 16,.2021 - Breakout of the ascending triangle

Technical analysis:

Analysis of Gold for November 16,.2021 - Breakout of the ascending triangle

Gold has been upside as we expected. The gold did breakout of the ascending triangle, which is good sign for further upside continuation.

Trading recommendation:

Due to breakout of the ascending triangle in the background and strong upside trend cycle, I see potential for the bullish continuation.

Watch for buying opportunities on the pullbacks with the upside objective at $1,900.

Stochastic oscillator is showing bullish condition without any sign for the reversal....

Key support level is set at $1,841

Analyst InstaForex
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