• GOLD - Weekly Report

    The metal is still moving to the downside which is normal in light of breaking 61.8% correction at 1260.90 showing on graph, and trading below it keeps the possibility of extending the downside move towards 1226.40 and perhaps 1205.85 this week, represented in 78.6% and 88.6% correction consecutively as showing on the daily graph.

    Linear Regression Indicators are negative and MACD is trading in a bearish bias. Despite that RSI 14 is trading in oversold areas, its still showing positivity. Therefore, the possibility of extending the downside move is valid this week, and trading below 1260.90 will be considered negative.

    Support 1241.00 1236.50 1234.10 1226.40 1205.85
    Resistance 1250.85 1256.20 1260.90 1266.55 1272.00
    Based on the above, sell gold below 1248.00 targeting 1236.00, 1226.00 then 1205.00 and stop-loss above 1268.00 this week

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