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GOLD - Weekly Report
Short Term trend: Bearish
Weekly Bias: BearishAfter printing the significant low of 118.00, the metal has showed some kind of consolidation during the previous week but it closed negatively on Friday near the aforesaid low. The clear bearish trend started at 1796.00 is still in progress, while bears are protected by the coverage from SMA 20 and SMA 50 as seen on the provided weekly chart. In the interim, Stochastic remains negative despite approaching oversold regions; whilst vortex indicator continues to reflect the strength of the downtrend. Eyes on 1120.00 to be a target for the bearishness.
Medium-Term Analysis
** 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 1210.00 1180.00 1155.00 1130.00 1120.00
Resistance 1235.00 1250.00 1275.00 1295.00 1317.00
Recommendation
Based on analysis and explanations above, we believe that selling gold below 1235.00 targeting 1120.00 and stop loss at 1290.00 might be appropriate this week.
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