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  • GOLD - Weekly Report 17/11/2014



    The metal moved to the upside on Friday and closed the trading above 1276.75. Stability above the referred to level is positive and could extend the upside move to test 38.2% correction at 1213.05 at least, this correction belongs to the bearish wave that started from 1345.10 reaching the bottom 1131.43 levels.

    The price consolidated now above Linear Regression Indicators and 23.6% correction at 1181.85, and trading above this level extends the upside move. On weekly basis, breaching 1213.05 is significant to confirm extending the upside move or the metal will move back to the downside.

    Support 1181.80 1176.75 1159.20 1155.75 1135.35
    Resistance 1196.00 1200.00 1205.00 1213.05 1220.00
    Recommendation
    Positive expectations above 1181.80, risk-limit below 1159.00.

    Note: Recommendation at the top.


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