Gold Technical Precious Metals (2010-04-05)

In line with our Friday's scenario, gold declined towards 1115.00 zones then started to move upwards, proving our suggested Elliott count, seen on the provided chart. Now, additional bullishness could be witnessed during this week. Technical objectives reside at 1144.00 followed by 1158.00. Areas of 1102.00 should hold to keep the count valid.

The trading range for this week is among the key support at 1075.00 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.

Previous ReportSupport1122.001117.001111.001107.001102.00Resistance1128.001132.001137.001144.001158.00RecommendationBased on the charts and explanations above our opinion is, buying gold from 1122.00 targeting 1158.00 and stop loss below 1095.00 might be appropriate.