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Gold - Weekly Report

Published 11/03/2014, 04:02 AM
Updated 07/09/2023, 06:31 AM

Gold Chart

The metal dropped sharply last week and stabilized below 1182.45 showing above. Trading below the latter keeps the bearish possibility valid, while stabilizing below 1176.00 strengthens the possibility of moving to the downside to touch 1155.75. A break below the latter is required to confirm extending the downside move, and as soon as the price breaks 1155.75, the downside move will extend towards 127% correction represented in 1127.00.

From the upside, we hold on to our negative expectations for the week unless the metal breaches 1205.90 and stabilizes below it, but we prefer to keep the price stable below 1182.45 to strengthen the bearish possibility.

Support Resistance & Recommendation

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