Weekly Report 26/04 -30/ 04 / 2010
Carried above SMA 50-currently valued at 1125.00-, gold inclined forming a bullish candlestick structure as seen on the provided daily chart. Stochastic turned higher, supporting the technical idea that the CD leg of the harmonic pattern is still in progress. Thus; possible bullishness could be seen during this week. A stable move above 1162.00 is needed to confirm the scenario.
The trading range for this week is among the key support at 1122.00 and key resistance now at 1196.00.
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 ReportSupport1155.001152.001144.001139.001132.00Resistance1162.001166.001172.001176.001183.00RecommendationBased on the charts and explanations above our opinion is, buying gold with a breakout above 1162.00 targeting 1187.00 and stop loss below 1139.00 might be appropriate.