Gold Technical Precious Metals (2011-08-10)

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Morning Report The metal couldn't achieve clear closing above 1770 which represent the soft technical objective of the fifth wave of our suggested Elliott count. Rationally, 261.8% Fibonacci projection should be the target in such cases of extensions since 161.8% was breached earlier very easily, but we can't judge if it will reach this extreme target at 1888.00 over short term basis or not; thus, we will stay aside over intraday basis until we witness a daily closing above 1770.00 areas. On the downside, breaching 1687.00-1680.00 areas will signal that an important top was placed at 1779.00. AROON is positive, but Stochastic isn't clear enough to reflect specific case of momentum indication despite being close to overbought zones. The trading range for today is among the key support at 1687.00 and key resistance now at 1810.00. The general trend over the short term basis is to the upside, targeting $ 1888.00 per ounce as far as areas of 1475.00 remain intact with weekly closing. Previous Report Weekly Report

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.

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