Weekly Report 01-05 / 03 / 2010
Gold has been able to achieve an impulsive downside wave followed by an upsiderecovery during the previous week. Having a look at the four-hour chart, we will see that the suggested Elliott count proves that the aforesaid A-B-C correction seeks for an end around 76.4% Fibonacci to complete the second wave. From there, potential bearish movements could be witnessed during this week to start the grand third wave.
The trading range for this week is among the key support at 1045.00 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.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1122.00 targeting 1074.00 and stop loss above 1162.00 might be appropriate.|