Gold Technical Precious Metals (2010-01-20)

  @ibtimes on January 20 2010 12:45 AM

Morning Report

Gold has been capable of forming consecutive bearish candlestick patterns, closing below SMA 50-colored in red-. Henceforth, the awaited [C] wave of our captured Elliott sequence is still in progress and we keep our outlook to the downside over intraday basis, supported by negative overlapping appearing on Stochastic. Note that, a breakout below the uptrend line will bring a panic sell-off action.

The trading range for today is among the key support at 1095.00 and key resistance now at 1185.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.

Weekly ReportPrevious ReportSupport1125.001122.001118.001111.001107.00Resistance1137.001140.001144.001153.001155.00RecommendationBased on the charts and explanations above our opinion is, selling gold from 1135.00 targeting 1118.00 and stop loss above 1149.00 might be appropriate

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