Weekly Report 22-26 / 03 / 2010
Gold slipped with the weekly closing, confirming the solidity of the upper line for the bearish channel which organizes the descending movements of the CD leg for the idealbearish harmonic butterfly pattern as seen on our provided weekly chart. The secondary image of the daily basis shows the negative candlesticks structure that confirms the possible bearishness for this week. Stochastic supports our overview.
The trading range for this week is among the key support at 1045.00 and key resistance now at 1162.00.
The general trend over short term basis is to the downside, targeting 1025.00 per ounce as far as areas between 1225.00 and 1249.00 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1109.00 targeting 1058.00 and stop loss above 1162.00 might be appropriate.|