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Fundamental analysis for precious metals gold - 3/27/2009
Morning report
Gold is still moving in the same tight range between 945.00 and 930.00 but actually it obtained a strong support around 930.00 (38.2%)Fibonacci of the whole decline started at 1006.00.Therefore we expect an upside action today as far as 907.00 remains unbroken based on the bullish pattern formed on the hourly chart as shown on the secondary image in addition to the overlapping attempt appearing on the stochastic inside the overbought areas while Gator and MACD traditional support our positive overview on 4 h chart.
The trading range for today is among the key support now at 900.00 and key resistance now at 984.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.
| Support | 930.00 | 925.00 | 916.00 | 912.00 | 907.00 |
| Resistance | 935.00 | 945.00 | 952.00 | 956.00 | 963.00 |
Recommendation | According to our analysis, we believe that it is good to buy gold at 933.00 with targets at 955.00 and stop loss at 916.00. | ||||
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