Gold Technical Precious Metals (2012-02-08)

Morning Report

The metal inclined again after reaching areas around 1711.00 and also around the ascending main support, which organized the metal's bullish wave that started at the bottom of (D) point of the double harmonic structure. This incline weakens our negative expectations significantly, but at the same time, gold is still trading below the critical resistance mentioned several time before at 1763.00. Therefore, consolidation above the resistance of 1763.00 is required to confirm the upside move, while stability below 1735.00 is necessary to confirm the return of the downside movement. Therefore, we remain neutral today.

The trading range for today is among the key support at 1706.00and key resistance now at 1794.00.

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

Previous Report

Follow us