Gold Technical Precious Metals (2011-07-01)

By International Business Times,  July 01, 2011, 02:07:02 AM EDT

Morning Report Click on the image for a larger view The daily chart shows that gold has come back into trading range between 61.8% and 76.4% Fibonacci retracement of CD leg for the bearish harmonic structure. Coming beneath 61.8% at 1505.00 has negated yesterday's expected bullishness. Now, Stochastic is showing positive tendency; whilst RSI is fluctuating below 50.00; thus, we prefer staying aside over intraday basis. The trading range for today is among the key support at 1492.00 and key resistance now at 1525.00. The general trend over the short term basis is to the upside, targeting $ 1600.00 per ounce as far as areas of 1430.00 remain intact with weekly closing. Previous Report Weekly Report

Support 1500.00 1492.00 1488.00 1480.00 1477.00
Resistance 1505.00 1510.00 1516.00 1525.00 1532.00
Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



Latest News Video

Nasrallah Says Hezbollah Will Bring Victory in Syrian Conflict
Nasrallah Says Hezbollah Will Bring...
Robbie Rogers Returns to Soccer as First Openly Gay Player
Robbie Rogers Returns to Soccer as ...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.24 0.03  0.23%
FB $ 24.32 0.74  2.95%
SIRI $ 3.58 0.04  0.99%
GE $ 23.53 0.13  0.55%
PFE $ 29.04 0.07  0.24%
MSFT $ 34.27 0.12  0.35%
INTC $ 23.93 0.12  0.50%
P $ 16.43 0.73  4.25%