Articles
-
GOLD - Weekly Report
Short Term trend: Bearish
Weekly Bias: Bearish
The consecutive attempts to breach the initial resistance around 1423.00-1424.00 regions have failed again assisting bears to draw a long black candlestick pattern on Friday as seen on the provided daily chart. Negative pressures from SMA 20 and SMA 50 may send the yellow metal lower this week; noting that a break below 1366.00 will bring panic sell-off actions mainly targeting 1330.00 boundaries followed by 1273.00. Ultimately, the upside momentum decreased as seen on RSI 14 reinforcing our constructive bearish overview.
** 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.
Support 1373.00 1366.00 1338.00 1321.00 1300.00
Resistance 1400.00 1412.00 1425.00 1445.00 1460.00
Recommendation
Based on the chart and explanations above, we believe that selling the metal below 1366.00 targeting 1274.00 and stop loss above 1425.00 could be appropriate this week.
Read full article
-
Authorized Person for MEX NEPAL
Mob: +977 9856030634 -
Biratnagar Branch Manager
Mob: +977 9852033934 -
Our Clearing Member
-
Our Banking Partners
-
-
-
