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  • GOLD - Weekly Report



    by icn.com

    Short Term trend: Bearish
    Intraday Bias: Bullish

    After forming a strong bullish candle with a long lower shadow, the price extended the rebound above the main descending resistance of the bearish wave, maintaining the bullish bias, and probably heading to retest the 50-days SMA. Accordingly, the bullish bias is favored this week.

    ** 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

    **This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.
    Support 1315.00 1310.00 1302.00 1293.00 1283.00
    Resistance 1325.00 1330.00 1337.00 1343.00 1350.00
    Recommendation Long above 1310.00, targets at 1325.00 and 1350.00. Stop loss below 1295.00


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