Gold Weekly Technical Outlook

The strong rebound suggests that pull back from 1377.5 has completed at 1243.2 after touching 38.2% retracement of 1045.4 to 1377.5 at 1250.6. Further rise is mildly in favor to retest 1377.5. But we'd not expecting a break there. Even in the more bullish scenario, Gold should stay in range trading below 1377.5 for a while. Meanwhile, break of 1243.2 will extend the fall from 1377.5 to 61.8% retracement of 1045.4 to 1377.5 at 1172.3 and below.