Gold Weekly Technical Outlook

Gold drew strong support from 55 weeks EMA and 38.2% retracement of 1045.4 to 1306.0 and rebounded last week. Further rise would likely be seen initially this week but we'd expect upside to be limited by 1306.0 resistance and bring another fall. Below 1199.0 will target 61.8% retracement of 1045.4 to 1306.0 at 1144.9 and below. However, break of 1306.0 will target medium term fibonacci level at 1380.9.