Gold Weekly Technical Report 22-26/7/2013

Gold breaks to the upside, reaches our targeted area at 1320.00 major previous low. The price may extend the bullish correction, however faces the 50-days SMA and a horizontal resistance around 1338.00 as well, where we may see renewed downside pressure from that key area. A breakout above that resistance at 1338.00 will signal a potential upside reversal.

** 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.