• GOLD - Weekly Report

    The metal inched slightly higher last Thursday and we witnessed great volatility on Friday. The bullish bias is still limited below 61.8% correction at 1261.00 showing on graph, and trading below it keeps the opportunity of a downside move valid this week in an attempt to test 78.6% correction at least.

    Linear Regression Indicators are still limited supporting the possibility of a downside move, but as showing on AROON and MACD Indicators, the great volatility is possible this week. A break above 1261.00 could extend the bullish correction towards 1278.00 - 1280.00.

    Support 1250.00 1241.00 1236.50 1234.10 1226.40
    Resistance 1256.20 1262.00 1266.55 1272.00 1278.00
    Based on the above, sell gold below 1256.00 targeting 1241.00, 1226.00 then 1205.00 and stop-loss above 1272.00 this week

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