Weekly Report 15 -19 / 02 / 2010
Gold has been trapped within a tight range during the past week between the initial support areas of 1065.00 and the key resistance levels of 1095.00. The internal count of our caught Elliott sequence over medium term basis shows that, two waves of the five waves that should form (A) have place already and the internal third might be in progress. Thus; we believe that potential downside actions might be witnessed duringthis week.
The trading range for this week is among the key support at 1018.00 and key resistance now at 1160.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1097.00 targeting 1045.00 and stop loss above 1137.00 might be appropriate.|