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Gold
Gold Technical Precious Metals (2009-10-29)
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Morning report
Gold approached the first projected technical target of our short term Elliott sequence at 1025.00 -check the analysis here-. Now, the daily bearish harmonic structure came back into focus as the closing below 23.6% Fibonacci level of CD leg in addition to the negative candlestick formation has opened the door for further declines towards the key support level of 38.2% at 1016.00. Thus; the intraday outlook is to the downside, supported by AROON negative sign.
The trading range for today is among the key support at 996.00and key resistance now at 1074.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1129.00.
| Support | 1025.00 | 1022.00 | 1016.00 | 1011.00 | 1006.00 |
| Resistance | 1037.00 | 1042.00 | 1047.00 | 1053.00 | 1058.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold from 1037.00 targeting 1022.00 and stop loss above 1048.00 might be appropriate. | ||||
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