New Gold Signal

Gold managed to regain above its key support area mentioned in our previous reports at 1769 USD/Oz, which represents its 61.8% Fibonacci of the recent rally (April – June). On Friday, Gold advanced further nearing 1790 USD/Oz, while the technical indicators has turned slightly higher. This confirms our bullish outlook in the short and medium terms. In the meantime, we prefer to long gold between 1780 and 1770 USD/Oz with a stop at last week’s lows, as revisiting that low would change the major outlook once again. On the upside view, Gold needs to break above 1800 USD/Oz in the coming days, which would be another positive factor in both short and medium terms.

S3	S2	S1	Pivot	R1	R2	R3
1743.96	1764.79	1776.04	1785.62	1796.87	1806.45	1827.28

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Nour Eldeen Al-Hammoury

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