Gold targets 1290 , support 1231 !

The Gold maintained a bearish momentum last week, bottomed at the 1331 and topped at the 1277 levels. this development leaves the pair targeting the 1290 levels where a breach is likely If seen It will turn the focus on 1321 , further out will aim the 1355 levels …

On the downside, support comes at the 1231 levels, stability above this level will keep the bullish momentum intact, losing the key support 1231 on a weekly closing basis will weaken the bullish view and turn outlook neutral first next support comes at the 1218 levels. losing this level will build pressure on the 1180 levels, If this support fails, expect the market to weaken further towards 1150 levels.

In all, the XAUSD is likely to retain to its medium-term upside bias as long as support 1231 holds on a weekly closing basis with risk towards 1290 ahead of 1321 levels, losing the 1231 level will invalid /delay the bullish view and turn outlook on the 1218/1180 levels.

Gold targets 1290 , support 1231 !

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