15 July to 19 July Weekly View
Gold rebounded further last week, one of the biggest weekly
gain after April 21 week, breaking previously highly considered level of 30590
(USD 1268.70) resistance, indicated that a short term bottom is already formed
at 28440 (USD 1179.40), as been discussed in past weeks several times. Further
rebound is now in favor back to 32950 (USD 1366.50) and above once it clears
off 31369 (USD 1301) and 31900 (USD 1323), the April low. A strong resistance
could be seen at 35860 (USD 1487.20) to limit upside and bring another fall.
On downside, below 29100 (USD 1206.90) will indicate that
the recovery from 28440 (USD 1179.40) has completed and larger fall is resuming
for another low.
Outlook has changed from Bearish to Cautiously Bullish for
now for immediate term.
In the bigger picture, long term downtrend from 46384 (USD
1923.70) is still in progress, we'd be cautious on strong support at 61.8 %
retracement level of 16420 (USD 681) to 46384 (USD 1923.70) at 27866 (USD
1155.70) to bring a rebound. In that case, break of 36811 (USD 1526.70)
resistance is needed to signal reversal Or outlook will stay Bearish for deeper
declined ahead.
Trade Happy, Trade Safe :)
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