Gold Weekly Technical Report 4-8/1/2013

GOLD fluctuated heavily on Friday; the metal rallied to level above our entry at 1674.00 and touched 1682.00 before retreating back sharply towards 1661.00, below our first target at 1664.00.

With the start of the this week, we remain bearishly biased on gold, as price maintains the ranging stance, within the context of the descending channel, therefore we will continue to play this range(1695-1647.00) unless we see a deceive break above 1695.00 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.