Gold Technical Precious Metals (2010-01-27)

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Morning Report

The secondary four-hour chart of camarilla levels shows the strong resistance that the metal is facing at H3 level-valued at 1102.00-. Thus; we think that it will be able to push it downwards over intraday basis, supported by the proposed Elliott count over short term basis; we see that the fifth wave is under way targeting 1060.00 zones.

The trading range for today is among the key support at 1060.00 and key resistance now at 1137.00.

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

Weekly ReportPrevious ReportSupport1092.001088.001074.001066.001060.00Resistance1102.001107.001111.001117.001122.00RecommendationBased on the charts and explanations above our opinion is, selling gold from 1097.00 targeting 1074.00 and stop loss above 1114.00 might be appropriate.

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