Articles
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GOLD - Weekly Report
By icn.com
Gold resumes the bearish bias with the start of the week after completing a correctional bounce on Friday. 127.1 Fibonacci extension level managed to halt the recent bearish wave, and mark 1275.00 level as the key support for today, accordingly, stability below 1275.00 may signal the resumption of the bearish wave this week, targeting 1250.00 as the next downside target.
** 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 1285.00 1275.00 1265.00 1252.00 1240.00
Resistance 1290.00 1300.00 1308.00 1321.00 1338.00
Recommendation Based on the charts and explanations above, we prefer to short gold below 1290.00 targeting 1275.00 and 1252.00. Stop loss above 1308.00
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