GOLD Weekly Technical Analysis (4-8 May, 2015) | May 2, 2015

Gold started bullish rally at the beginning of last week as we suggested to our last analysis. Finally gold fall again at end of the week again. For that fall, on weekly chart, bearish rejection pin bar has been formed. This rejection candle indicates for sell on gold. We can take sell on gold with some retrace on it. 1200 level is good for sell. With bearish candle confirmation we can take sell entry and target will be 1170 and then 1150 area.


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Weekly Pivot, Support and Resistance

Resistance Two (R2): 1231

Resistance One (R1): 1204

Pivot Point: 1187

Support One (S1): 1160

Support Two (S2): 1143