Gold reached to another record high of 1195 last week near @1200 pscyhological level and pulled back sharply.The fall from @1194.8 level was contained by 38.2% retracement of @1026-1027 level to @1194.8 at 1130.8 and gold recovered strongly to close at @1177.2 base on my chart.With a short term top in place around @1194.8 level last week so some sideway trading should be seen in the next coming week. A break below 1130.8 fibonacci level cannot be done last friday.The downside of the pull back should be contained by some support at @1094-97 level (38.2% retracement of 931.3 to @1194.8 and 61.8% retracement of @1026-27 to @1194.8 level).When we see gold brings up trend resumption if break up @1195 will target next midterm level at @1258-1260.
The bigger picture, start from 681 is expected to develop the first leg,confirmed the first wave completed at @1006.3 level,second wave was completed at @931-932 level. Rise from @931-32 is treated as the third wave and there is no signal of completion yet. Gold uptrend is still expected to continue after finishing the short term consolidation from @1194.8 and target 100% Fibo of @681 to 1006.3 level from @931-32 to @1258-1260.
We'll see this bullish view as long as @1072-1076 resistance turn supported holds. However,gold can break down of @1072,we need to change the view again for gold trading
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