Gold Weekly Technical Report 24-28/11/2014

The metal moved to the upside last week and is stable now around the psychological barrier 1200.00. In fact, trading above 1181.85 is positive as it could lead to touching 1213.05 at 38.2% correction. At the current levels, Risk/Reward Ratios are inappropriate which will force us to either wait for a better entry level, or move to the sidelines.

Later this week, 1213.05 then 1221.00 will be the significant intervals for the metal, and failing to breach it will bring back the negative pressure again. We think further bullishness will be available, but its extent will depend on 1221.00.