Gold Trend 13/11

S-T rebound approaching, target around 1950.

Gold made a new weekly low before the weekend, completing the downward cycle mentioned in our previous analysis. The price cleared the S-T resistance(1) on Thursday, triggering a round of buying toward 1965. The decline began by Friday's pre-US session; it had fallen below the 1950 support, and the price dropped further during the US session, touched a new weekly low at 1935, and closed the week at 1938, down $53.

1-hour chart - The downward momentum has accelerated once again, and the downward channel needs to be adjusted again from (2.1) to (2.2). After a flash dip to 1928 at the Asian session opening, some short covering seems to control the market. Expect the price to be bound between 1930-1955(3) in early trading this week.

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Daily chart - Gold seems to have completed its initial correction from 2004, and the 50-day MA(4) should provide temporary support. The daily chart suggests a trading range between 1930-2003(5) for now. The key turning point is expected to occur with the release of US CPI figures on Tuesday.

S-T Resistances:
1950-55
1945
1940

Market price: 1939

S-T Supports:
1930-32
1927
1920

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