• GOLD - Weekly Report

    This week’s trading started from the resistance level that was formed through the extending resistance line of the Symmetrical Triangle Pattern that was previously used to expect a downside move. Several positive signals are showing on technical indicators, whereas AROON is showing the bullish strength and MACD is positive. Linear Regression Indicators are trading to the uspide now but the positive crossover is still showing on them. All these catalysts makes the possibility of extending bullishness valid.

    Despite that, we should not ignore the resistances 1285.15 - 1288.00, whereas breaching these levels is required to confirm bringing the upside move back, as all the positive signals showing on technical indicators will fail if the metal failed to breach these resistances. From the downside, breaking again 1272.00 could bring negativity back in a new attempt to the downside and break 1260.90.

    Support 1280.00 1278.00 1272.00 1266.55 1260.90
    Resistance 1285.15 1292.60 1296.00 1300.00 1309.35
    Based on the above, buy gold by breaching 1289.00 targeting 1296.00, 1300.00 then 1309.00 and stop-loss below 1270.00 this week

    Note: This is only to define the trend, for more details please visit the Recommendation section

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