Articles
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GOLD - Weekly Report
The price moved slightly to the downside during the second half of last week after the rise it witnessed in the first half, on addition to failing to remain stable above 1309.35. The downside move remained limited above 1285.00 levels. In fact, bearishness remained limited also above the resistance that started from the top 1387.00.
There are several negative catalysts including the negativity of Linear Regression Indcator 34 and 55, in addition to RSI 14 stabilizing below line 50 and the weakness of MACD, but non of these catalysts are confirmed now because it requires breaking 1277.00.
Trading is stable above 1277.00 - 1285.00 so we expect a new bullish attempt. But this week’s upside move depends on the metal’s ability to breach 1300.00 and stabilize above it.
Support 1285.00 1280.00 1277.90 1272.00 1266.55
Resistance 1296.25 1300.00 1305.00 1309.35 1315.00
Recommendation
Based on the above, buy the metal above 1287.00 targeting 1296.25 and 1300.00 then 1315.00 with stop-loss below 1276.00In case of stop-loss, sell below 1276.00 targeting 1272.00 and 1266.00 then 1260.00 with stop-loss above 1293.00
Note: This is only to define the trend, for more details please visit the Recommendation section
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