Gold Weekly Technical Outlook

Gold dipped to 1305.5 last week but recovered quickly after drawing support from 1306.0. Initial bias is neutral this week first and the larger rise from 1045.4 might still extend. In that case, we'll be cautious on topping around long term fibonacci level at 1380.98. Decisive break of 1306.0 will be the first sign of trend reversal and will turn focus back to 1199.0 support