Gold Weekly Technical Outlook

The breach of 1108.5 support suggests that rebound from 1072.3 has completed at 1169.8 already. Deeper fall would now be seen to retest this support. Break there will resume the larger down trend towards 1000 psychological level. However, break of 1169.8 will have the near term falling trend line firmly taken out. And the should indicate trend reversal and bring stronger rise to 1232.0 resistance and above.

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