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  • GOLD - Weekly Report



    by icn.com

    Short Term trend: Bearish
    Weekly Bias: Bullish

    Gold retested 1420.00-resistance level on Friday, before retreating to retest the short term broken descending resistance around 1385.00- shown on the daily chart above. After breaking this trend line, the bullish rebound scenario remains favored, where we look for a retest of 1445.00, the 50-days SMA at 1460.00 and finally 1478.00 previous key horizontal resistance.

    ** 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 1388.00 1373.00 1360.00 1355.00 1340.00
    Resistance 1400.00 1410.00 1419.00 1425.00 1445.00
    Recommendation Based on the charts and explanations above, we prefer to long gold around 1387.00 targeting 1420.00 and 1445.00. Stop loss below 1373.00


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