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

• 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)