Gold Weekly Technical Outlook

Gold's rise from 1072.3 finally resumed by taking out 1169.8 resistance, as well as the near term falling trend line. The trend should have reversed and outlook is now turned bullish. Current rise should now target 100% projection of 1072.3 to 1169.8 from 1103.8 at 1201.3 and then 1232.0 resistance next. Outlook will stay cautiously bullish as long as 1103.8 support holds.

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