Weekly Report: (30 Jan-3 Feb)

We recognize a double harmonic structure over the daily chart, where this structure contains the formation of a Bat harmonic pattern, which started at X1 point, and the formation of a Butterfly harmonic pattern that started at X2 point. Despite the fact that both patterns are not ideal, but we can see on the interval that this bullish structure was able to push the metal towards 88.6% Fibonacci correction of the CD leg at 1735.00, where this barrier could separate between testing the top of (C) point and retesting areas around 1711.40 as ADX didn’t confirm the end of the bullish wave despite the weakness seen on the indicator. Therefore, we remain neutral in our weekly report and recommend reviewing our next reports for more confirmations regarding the metal's next move.

The trading range for this week is among the key support at 1670.00and key resistance now at 1772.00.

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

Previous Report

• Gold Pressured By Bearish Outside Markets   (2016-11-01 03:50:56)
• Trend Down Under at 1360.00 and 1347.00 1332.00 targets 1370.00 as long as they do not violate   (2016-07-12 17:27:51)
• Direction: neutral   (2016-07-01 16:54:07)
• Direction: neutral   (2016-06-30 15:17:32)
• Direction: Bullish above 1303.00, targeting 1365.00 and 1400.00 as long as the price trading above 1290.00   (2016-06-30 05:32:18)
• Direction: Bullish above 1317.00, targeting 1365.00 and 1400.00 as long as the price trading above 1290.00   (2016-06-28 05:40:46)
• Direction: Bullish above 1303.00, targeting 1365.00 and 1400.00 as long as the price trading above 1280.00   (2016-06-24 20:25:31)
• Direction: Bearish below 1263.00, targeting 1250.00 and 1239.00 as long as the price trading below 1282.00   (2016-06-23 19:20:37)
• Direction: Bearish below 1262.00, targeting 1252.00 and 1240.00 as long as the price trading below 1280.00   (2016-06-22 14:56:10)
• Direction: neutral   (2016-06-20 20:28:46)