Gold Weekly Technical Report 18-22/2/2013

Gold plunged on Friday, breaking 1625.00 support level with strong bearish momentum as RSI touches 30 level, holding below 1625.00 clears the way towards the bottom of the main descending channel, near 1580.00 level. 1580.00 is also a potential reversal zone for a bullish three drives harmonic pattern. Accordingly, we expect further bearish bias eying 1680.00-1685.00 as the next potential target and support level.

** Overall trend ( More than one year)

** Intermediate ( More than three months)

** Short term ( Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.