Gold retested 1420.00-resistance level on Friday, before retreating to retest the short term broken descending resistance around 1385.00- shown on the daily chart above. After breaking this trend line, the bullish rebound scenario remains favored, where we look for a retest of 1445.00, the 50-days SMA at 1460.00 and finally 1478.00 previous key horizontal resistance.
** 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.