Articles
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GOLD - Weekly Report
Return to reports News Date: 13/10/2014 07:08:22
The metal is almost facing 38.2% correction at 1236.15 of the bearish wave that started from 1322.47 reaching the bottom 1182.00 this week as showing above. The bullish possibility this week depends on breaching the referred to level 1236.15, whereas stability above it extends the upside move towards 1252.65 and perhaps 1269.15.
In fact, the current levels are inappropriate in regards to the Risk/Reward Ratios, so we prefer to wait for a bearish correction before buying the metal. By examening the technical indicators, we notice a positive crossover on Linear Regression Indicators and positivity on both MACD and RSI. But as referred to earlier, we prefer to wait for levels with better Risk/Reward Ratios.
Support 1231.50 1226.60 1220.00 1211.90 1205.00
Resistance 1236.20 1240.25 1252.65 1262.65 1269.15
Recommendation
Positive outlook above 1226.00, risk-limit below 1200.00
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