Weekly View 24 Nov - 29 Nov

Gold had a bearish week last week closing at USD 1243.40 and breaching support at USD 1274, USD 1260 and USD 1250. The USD 1276 level was 61.8 % retracement of July-August uptrend. This indicates that the July-August uptrend was just a correction of bear trend that had been in place since 2011. The next support level is at the 78.6 % retracement at USD 1235, followed by USD 1180 the 100 % retracement. A move below USD 1180 would be very bearish, targeting at least USD 1155. The USD 1155 level is a key long term support area as it is the 61.8 % retracement of the 2008 to 2011 uptrend. Trade Happy, Trade Safe :)