Markets

Gold Technical Precious Metals (2011-08-04)

Morning Report It seems that, the market is taking some kind of breath after achieving consecutive historical highs. Now, thepath is cleartowards areas of 1687.00 which represent 261.8% Fibonacci projection of BC leg and represent Fibonacci projection of 200% of XA leg resides there too.Therefore, we hold onto our bullish predictions over intraday basis, supported by positive signs on momentum and trend indicators; noting that Stochastic will reflect overbought case if it succeeded in reaching the second PRZ-potential reversal zones- of the suggested harmonic Deep Crab pattern. The trading range for today is among the key support at 1627.00 and key resistance now at 1687.00. The general trend over the short term basis is to the upside, targeting $ 1694.00 per ounce as far as areas of 1430.00 remain intact with weekly closing. Previous Report Weekly Report

Support 1655.00 1645.00 1632.00 1627.00 1616.00
Resistance 1670.00 1674.00 1677.00 1687.00 1694.00
Recommendation Based on the charts and explanations above our opinion is, buying gold around 1653.00 targeting 1687.00 and stop loss below 1627.00 might be appropriate.

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


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

Other Topics

Commodities