Gold Weekly Technical Outlook

Gold continued to engage in sideway trading last week and outlook is unchanged. As long as 1117.9 resistance holds, the down trend in gold is expected to extend to 100% projection of 1307.8 to 1141.6 from 1232.0 at 1065.8, and then 1000 psychological level. On the up side, above 1117.9 will bring stronger rebound first before staging another fall.

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