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Technical Precious Metals GOLD Weekly Report 21-25/Jan/2013 BY icn
Gold was rejected at the 50-days SMA and the horizontal resistance 1695.00 on Friday, the metal is attempting one more time towards this key resistance area, which includes the main descending resistance of the declining channel as well. In general, a break above 1703.00 will completed a double bottom formation, in addition o breaking the aforementioned technical barrier, and that would be bullish. However, we expect the area to hold and gold to resume the bearish attempts this week , as price has printed a minor shooting star bearish candle on Friday.
The trading range for this week is expected among the key support at 1647.00 and key resistance now at 1705.00
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1520.00 remain intact with a weekly closing.
Based on the charts and explanations above, we recommend selling gold around 1695.00 targeting 1684.00,1675 and 1663,00. Stop loss above 1705.00
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