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  • GOLD - Weekly Report



    Gold extended the rally, breaking above the previous high at 1385.00, to test levels above at 1406.00, below our main upside target for the ongoing bullish wave at 1420.00-1425.00 resistance area, where price may complete an ABC wave structure, and move lower again. The ABC structure remains a possibility that may and may not materialize, accordingly, we will look for signs of downside reversal over the lower intervals if price reaches 1425.00. For now, the bullish trend remains intact, and we believe it still has some room to the upside.

    ** 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 1390.00 1385.00 1373.00 1357.00 1345.00
    Resistance 1400.00 1406.00 1412.00 1420.00 1430.00
    Recommendation Long gold above 1385.00, targets at ,1400.00,1420.00,1425.00. Invalidation hourly closing below 1370.00


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