TECHNICAL VIEW – As last week gold has closed on 29165, we can see in the chart that
gold has closed below the trend line support but the 100 days MA and the next support
has stopped the price to go down below this level, RSI and MACD both indicators are in
buying zone, the major support level is 28820, below this level gold, can touch the next level
that is 28475 and 28000, resistance level would be 29342 and the 29519. We expect
some buying in the coming week.
FUNDAMENTAL VIEW - Gold price rallied upwards strongly to succeed breaching 1299.20 level and settles
above it, which supports our bullish overview efficiently in the upcoming period, paving the way to head
towards our next target at 1321.49, noting that holding above 1299.20 represents the initial condition to continue
the suggested bullish wave.
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