SUMMARY OF THE WEEK 01.05.05.05
As I mentioned in my previous analysis, the price of gold, after entering important resistance zone, respected level of 1295 USD and began to move south.
At the end of last week we reached an important price level of 1225 USD. After reaching this support, a volume spike occurred, despite a large amount of commitment from the sellers, the price fell only marginally. This may indicate beginning of accumulation process.
SCENARIO FOR UPCOMING WEEKENDS
In the coming week, the price will most likely to reach 61.8% FIBO at 1225USD and will return to 38.2% at around 1260 USD. Price should respect resistance at this level and return to declines, where the next disputed zones between investors will be 1215USD, followed by a very important level 1190 USD.
Alternatively, buyers will not take the initiative at $ 1225. In that case, we should focus on the next support around $ 1215.
