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  • GOLD - Weekly Report



    The correctional bounce in gold extended to retest the major resistance area starting from 1478.00 level, the area starting from 1478.00 to 1520.00 could be a perfect sell zone, as price may resume the overall bearish wave after completing a normal retest of broken support area. Accordingly, we expect the bearish wave to resume this week, targeting areas near the recently printed low around 1320.00.

    ** Short term ( Less than three months)
    ** Chart is based on GMT+2 timing

    Notes:
    *if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.

    Based on the charts and explanations above, we prefer to short gold around 1495.00 targeting 1450.00, 1400.00 and 1340.00. Stop loss with daily closing above 1522.00


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