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  • GOLD - Weekly Report



    he metal failed to breach 1309.35 represented in 38.2% correction of the bullish bullish wave that started from 1182.00 reaching the top 1387.00 showing on graph. But trading remained limited above Linear Regression Indicator 34 and 55 last week, which is positive.

    Neutral stance dominates RSI and MACD, while Linear Regression Indicators are positive, but we will depend on stabilizing above 1277.00 to suggest an upside move this week; taking into consideration that breaking the referred to level triggers a bearish wave and its first target 1260.00 at 61.8% correction.

    The metal has to break above 1309.35 by achieving a daily closing above it later to confirm extending the upside move.

    Support 1290.00 1285.10 1277.90 1271.00 1266.55
    Resistance 1300.00 1309.35 1315.00 1324.00 1339.35
    Recommendation
    Based on the above, buy the metal above 1293.00 targeting 1300.00 and 1309.35 then 1324.00 with stop-loss below 1276.00

    Note: This is only to define the trend, for more details please visit the Recommendation section


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