Members login
Technical Precious Metals
Written by article default Wednesday, 12 January 2011 18:49
GoldMidday Report
From levels exactly around SMA 50, where the key resistance of 1388.00 exists -secondary image- the metal declined. The negative effect of Stochastic played a big role confirming the bearish direction to form the CD leg of the harmonic structure. All what we need now is a breakout below 1376.00 to increase chances for the bearish predications, whilst a break of 1360.00 will add further confirmations.
The trading range for today is among the key support at 1330.00 and key resistance now at 1413.00.
The general trend over the short term basis is to the downside targeting $1208.00 per ounce as far as areas of 1485.00 remain intact.
| Support | 1380.00 | 1376.00 | 1372.00 | 1360.00 | 1355.00 |
|
|
|||||
| Resistance | 1388.00 | 1395.00 | 1402.00 | 1406.00 | 1413.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1388.00 targeting 1330.00 and stop loss with a four hour closing above1406.00 might be appropriate. | ||||