Gold Technical Precious Metals (2009-11-25)

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Morning report

Yesterday's expected bearishness has been limited above the key support level of 1160.00. Now, with breaching for 1173.00 areas gold signaled that our detected fifth wave for the impulsive upside actions that started at 1026.00 hadn't been placed yet. Thus; we expect temporarily bullishness on intraday basis, targeting 1187.00 zones as far as 1164.00 areas remain intact.

The trading range for today is among the key support at 1132.00 and key resistance now at 1212.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1212.00.Support1173.001167.001164.001160.001157.00Resistance1185.001187.001192.001196.001200.00RecommendationBased on the charts and explanations above our opinion is, buying gold at 1173.00 targeting 1186.00 and stop loss below 1163.00 might be appropriate.

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