Gold Technical Precious Metals (2012-02-07)

Morning Report

The metal declined to reach the level of 1711.00, while Stochastic is almost within oversold areas, in the time the negative crossover failed on ADX, which threatens the suggested downside movement. But, consolidation below 1735.00 suggests that the downside movement could extend further to breach the level of 1711.00 and then 1706.00 and then moving towards 38.2% and 50% Fibonacci corrections of the upside wave, which started at 1522.00 and ended at 1763.00.

The trading range for today is among the key support at 1670.00and key resistance now at 1763.00.

The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.

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