Weekly GOLD - This week's technicals and trade idea
A near 60 Pt failed weekly rally to open this year and the formation of weekly and daily Shooting Stars highlights bullish exhaustion and is negative for sentiment. However, the pullback is probably corrective and temporary, and buyers returned to the market last week. Although gains have so far been modest and are testing 1573.6, a 50% recovery to the losses posted since this year’s top, signals for this week continue to point higher and the call is to buy on the open and then at 1558.0, the 13 day average rate with a stop loss at 1545.9, the 15th Jan base. Targets are to 1582.5, a deeper 62% recovery, 1595.0 and 1611.4, this year’s high trade.
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