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GOLD - Weekly Report
Short Term trend: Downside
Weekly Bias: SidewaysGold breaks to the upside, reaches our targeted area at 1320.00 major previous low. The price may extend the bullish correction, however faces the 50-days SMA and a horizontal resistance around 1338.00 as well, where we may see renewed downside pressure from that key area. A breakout above that resistance at 1338.00 will signal a potential upside reversal.
** 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 1308.00 1302.00 1295.00 1285.00 1275.00
Resistance 1321.00 1330.00 1338.00 1350.00 1360.00
Recommendation Short below 1340.00 target at 1321.00 and 1300.00. Invalidation above 1356.00
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