Gold Weekly Technical Outlook

The break of 1117.9 resistance confirmed short term bottom at 1072.3. Stronger rebound would now be seen towards 55 days EMA (now at 1145.6). But we'd expect strong resistance around near term falling trend line (now at around 1175) to limit upside and bring another fall. At time, we'd still favor deeper decline to have a test on 1000 psychological level at least.

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