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Gold for Bears: Weekly trading ranges

Current weekly support/resistance levels for gold.

Bear case:




and Bull case:




It is a tricky situation, it may be bullish or bearish, you don't know until it breaks in either direction. Since the monthly trend is down, downside is more probable.

My target for the down move this month is 1180 because it stands in the middle of the range. Will allow gold to retrace to 1300 before selling more


Note: I use closing price for all lines except the highest one, median lines (dashed) are allowed to traspass closing price