Weekly Report

Gold is still stable above the top of (C) point of the double harmonic structure, where according to the harmonic analysis rules, consolidation above this level, which represents 1763.00, could trigger more bullishness in attempts to retest the level of 1794.00 and then 1828.00 in case the metal breached the first level. The ascending support shown above in pink must remain intact in order to negate the negativity seen on momentum indicators.

The trading range for this week is among the key support at 1724.00 and key resistance now at 1828.00.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying gold around 1772.00, and take profit in stages at 1794.00 and 1828.00 and stop loss with 4-hour closing below 1750.00 might be appropriate.