GOLD Weekly Technical Analysis (11-15 May,2015) | May 9, 2015

Gold was within on a range movement last week. We did not get clear trendy movement on gold. It is also following a downward channel. We can follow this channel for taking entry. As this is on downward, so we can sell 1200 area which is the upper line of the channel. For sell we can target 1180 and then 1165 area. We saw pin bar one week ago. Gold is still following this pin bar. So we can get bearish rally if gold respect this pin bar candle.


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Weekly Pivot, Support and Resistance

Resistance Two (R2): 1209

Resistance One (R1): 1198

Pivot Point: 1187

Support One (S1): 1176

Support Two (S2): 1165