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  • GOLD - Weekly Report



    By icn.com

    Short Term trend: Downside
    Weekly Bias: Upside

    gold is consolidating above 1300.00 broken resistance level, and the main descending resistance shown on image, meanwhile fluctuating around the 50-days SMA. The correctional bullish wave is still intact, and price is holding above the ascending trend line for this wave,and accordingly, further upside is seen this week so long as 1300.00 level is holding. A break above 1345.00 may confirm this scenario.

    ** 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 1322.00 1310.00 1300.00 1294.00 1285.00
    Resistance 1338.00 1350.00 1360.00 1365.00 1375.00
    Recommendation Long gold above 1313.00 targets at 1338.00,1365.00, and 1390.00. Invalidation below 1300.00


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