XAUUSD – Weekly Forecast 11-15 Nov 2013

gold _ usd

Recommendations: LONG positions around 1276 with  1327  &  1361 as next target.
Alternative scenario: The downside breakout of 1251 will call for a slide to 1180/1122.
Description: The weekly break above 1327 levels 2 weeks ago confirmed support at the 1251 levels so as long as 1251 holds on a weekly basis, the gold targets 1361 ahead of  1433 levels, note that sustained trading above 1327 will build pressure on the 1361/1433 levels, break of 1433 will target 1591 levels. On the downside, If 1251 fails on a weekly basis, expect the market to weaken further towards 1180 ahead of 1122 levels.

Support and resistance : 1000 , 1122 , 1180 , 1251 , 1327 , 1361 , 1433 , 1591, 1921





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