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  • GOLD - Weekly Report



    By icn.com

    Short Term trend: Bearish
    Intraday Bias: Bearish

    Gold is attempting to retest the broken 50-days SMA and 1352.00 horizontal support, however, the recent breakout below the rising channel suggests further downside within the upcoming period, where 1350.00 area may limit bullish rallies. The next main target resides at 1280.00-1270.00 key swing low.

    ** Short term Trend (Trends that last from two weeks to two 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 and Resistance levels should be treated as regions not precise numbers
    Support 1322.00 1315.00 1305.00 1298.00 1287.00
    Resistance 1333.00 1345.00 1352.00 1360.00 1368.00
    Recommendation Short below 1335.00, targets at 1322.00.1300.00 and 1280.00. Stop loss four-hour close above 1352.00


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