Weekly Report

Gold starts this week within critical levels, where the metal provides several attempts to breach the descending main resistance level through the long candlestick followed by several short candlesticks. But, as the same time, the breach of this level wasn't confirmed yet. The metal trades outside the ascending channel, but still, the level of 23.6% Fibonacci correction shown above was able to stop the metal's negative momentum. The metal is trading now around the critical resistance of 1735.00, while the positive formation of the candlesticks contradicts the bearish resistance. Therefore, we remain neutral in our weekly report, awaiting further confirmations.

The trading range for this week is among the key support at 1640.00 and key resistance now at 1794.00.

The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.

***New York Candlesticks***

Previous Report

RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations