Summary

The fact that the market closed at $1513, below the weekly trend momentum of $1517, means that we are coming into the week bearish.

This has activated the extreme below the mean level target of $1501.

Since the market closed above the average price of $1501, it activates the targets above the mean of $1538 to $1562.

If gold closes below the mean of $1501, it will activate a bearish trend momentum and the targets below the mean of Buy 1 (B1) of $1477 to Buy 2 (B2) of $1440.

Since the market closed above $1417, which was identified as the yearly average price for 2020, it activated targets of $1655 to $1803 for the period from September 28, 2019 to September 28, 2020.

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