Gold Technical Precious Metals (2012-02-22)

Morning Report

According to the bullish harmonic structure, we find the metal is still stable below the top of (C) point at 1763.00, while according to harmonic rules consolidation above this level is necessary to confirm the continuity of the upside move. But, in case the level of 1763.00 was able to force gold to reverse to the downside again and provide 4-hour closing below 1735.00, the downside movement is expected to return, while consolidation above 1763.00 could trigger a strong rebound targeting 1794.00 and maybe 1828.00.

The trading range for today is among the key support at 1705.00 and key resistance now at 1772.00.

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

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