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GOLD - Weekly Report
The metal moved sharply to the upside last week, and we notice it stabilizing this week around Fibonacci level 50% of the bearish wave that started from the top 1387.00 reaching the bottom 1240.00. Stability above the psychological barrier 1300.00 is positive especially with the positive crossover showing on Linear Regression Indicator 34 and 55.
MACD is positive and its signal lines managed to breach line zero to the upside. AROON Indicator is showing the strength of the ongoing upside move, forcing is to think that there is another bullish wave this week. A break below 1296.00 weakens the positive expectations.
Support 1309.35 1300.00 1296.60 1292.50 1285.15
Resistance 1324.00 1331.45 1339.35 1341.10 1350.00
Recommendation
Based on the above, buy gold above 1310.00 targeting 1324.00, 1339.35 then 1350.00 and stop-loss below 1290.00 this weekNote: This is only to define the trend, for more details please visit the Recommendation section
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