Markets

Gold Technical Precious Metals (2011-09-15)

Morning Report "All we need is to witness a decisive break above 1833.00, preferably above 1845.00 to make sure that the impulsive wave from 1477.00 is still in progress forming its fifth wave" we wrote this sentence twice yesterday in our morning and midday reports to clarify the importance of breaching 1845.00. Having a deeper look at the provided graph, we will notice that 1845.00 was yesterday's recorded high where it moved downwards once again. Actually, the resistance line of the suggested corrective structure becomes now at 1825.00, but the negative sign on AROON forces us to stay aside until the metal beats it. Breaching through 1825.00 may fix the negativity on the chart and might bring strong buying interests. The trading range for today is among the key support at 1755.00 and key resistance now at 1867.00. The general trend over the short term basis is to the upsidetargeting1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing. Previous Report Weekly Report

Support 1800.00 1785.00 1772.00 1761.00 1755.00
Resistance 1815.00 1825.00 1833.00 1845.00 1855.00
Recommendation Based on the charts and explanations above our opinion is staying aside until an actionable setup presents itself to define 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 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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