Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

XAUUSD Gold Forecast and Technical Analysis Week Nov 13-17

By

PrintPRINT

This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

XAUUSD Gold Forecast and Technical Analysis Week Nov 13-17

Although the Gold finished the week in a positive territory, the market is mired in a narrow trading channel and needs something big to break out. A catalyst is needed.

Earlier in the week, gold prices managed to reach a three-week high, which was short-lived as upside momentum weaned on Friday. The market was hit with a major sell order as more than four million ounces were sold within a 15-minute period. After 11:10 a.m. on the Comex in New York almost 40,000 contracts, each representing 100 ounces of the metal, traded in a span of 10 minutes. That triggered a sell-off, sending prices down as much as 1.1 percent.

So we can say that was big sell order from a shorter-term oriented futures trader that caught the market off guard.

What I believe is that it is probably a small speculative play from a major fund and this type of move could be expected as funds square books ahead of the end of the fiscal year on Nov. 30.

The history of Gold paper trading is full of stories like this one.

So, what can trigger the Gold Prices? While gold remains stuck, there is some hope it continues to push to key resistance levels as the U.S. dollar remains sensitive to tax reform proposals slowly moving through the House and Senate.

XAUUSD Gold Forecast and Technical Analysis

Continue Reading


This article was written by Emre Tutucu for http://www.fxters.com/xauusd-gold-forecast-technical-analysis-week-nov-13-17/ on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

< Previous
  • 1
Next >
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE