{"id":98614,"date":"2016-11-23T07:26:02","date_gmt":"2016-11-23T12:26:02","guid":{"rendered":"http:\/\/countingpips.com\/?p=98614"},"modified":"2016-11-23T07:26:02","modified_gmt":"2016-11-23T12:26:02","slug":"long-term-outlook-is-gold-heading-to-1046","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/11\/long-term-outlook-is-gold-heading-to-1046\/","title":{"rendered":"Long Term Outlook: Is Gold Heading to $1046?"},"content":{"rendered":"
November 23, 2016<\/div>
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By\u00a0Usman Ahmed<\/strong><\/em><\/p>\n

The price of gold fell broadly in November, dragging the yellow metal to less than $1210 amid landmark US elections as well as remarks from the Federal Reserve\u2019s chief Jannet Yellen, signaling a potential rate hike sooner than expected. The technical bias remains bearish in long term because of a lower low and lower high in the recent upside wave.<\/p>\n

Technical Analysis<\/strong><\/p>\n

As of this writing, the precious metal is being traded near $1206 an ounce. A huge support may be noted around $1200 which is a strong horizontal level on all timeframes. A sustained move below the $1200 support shall push yellow metal into deeper bearish territory, validating a move towards the $1046 in the long run which is the swing low of the last major downside move as demonstrated in the given below monthly chart.<\/p>\n

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On the upside, the yellow metal is expected to face a hurdle near $1337 which is a confluence of monthly trendline resistance as well as the swing high of the giant bearish candle emerged after the US elections. A break and monthly closing above the $1337 resistance shall push gold into bullish territory, opening door for $1400 and then $1470.<\/p>\n

Fed Monetary Policy Outlook<\/strong><\/p>

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Last week, Yellen signaled a rate hike sooner than previously thought by many analysts. She cited record-low unemployment rate and improving inflation outlook as ground for upcoming hike in the benchmark interest rate. Gold reacted sharply on Yellen\u2019s comments and accelerated downside movement.<\/p>\n

Trade Idea<\/strong><\/p>\n

Considering the overall technical and fundamental outlook, selling the precious metal on a breakout below the $1200 support can be a good strategy in long term.<\/p>\n

About Author:<\/em><\/strong><\/p>\n

The analysis is written by Usman Ahmed. He is an individual Forex Trader and Market Analyst at Investoo<\/a><\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By\u00a0Usman Ahmed The price of gold fell broadly in November, dragging the yellow metal to less than $1210 amid landmark US elections as well as remarks from the Federal Reserve\u2019s chief Jannet Yellen, signaling a potential rate hike sooner than expected. The technical bias remains bearish in long term because of a lower low and […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-98614","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=98614"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98614\/revisions"}],"predecessor-version":[{"id":98632,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98614\/revisions\/98632"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=98614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=98614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=98614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}