Weekly Report 21/06 -25/ 06 / 2010
Gold is currently facing very sensitive areas, where the Fibonacci level of 127% of XA leg for the suggested harmonic formation as seen on the provided four-hour chart. There is a clear negative divergence appearing on Stochastic that prevents us from saying that Friday's upside rally could continue. Therefore, the outlook will be neutral during this week until we make sure if the bearish harmonic pattern will affect the price or the daily chart will cause a positive pressure. We recommend following our coming reports.
The trading range for this week is among the key support at 1209.00 and key resistance now at 1300.00.
The general trend over the short term basis is to the upside, targeting $ 1365.00 per ounce as far as areas of 1120.00 remain intact.
Previous ReportSupport1252.001245.001239.001232.001228.00Resistance1261.001265.001274.001280.001293.00RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.