Gold Technical Precious Metals (2010-12-31)

By @ibtimes on

Morning Report

Our yesterday's mentioned overbought signs appeared on the provided four hour hart forced the metal to move downwards but the probability of resuming the harmonic butterfly structure still exists, targeting1420.00. Henceforth, the neutrality is still in favor over intraday basis since risk versus rewards ratio is too high as twelve dollars separates between gold and the PRZ of the pattern, while the liquidity is too low.

The trading range for today is among the key support at 1365.00 and key resistance now at 1452.00.

The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1485.00 remain intact.

Previous Report

Weekly ReportSupport1402.001395.001388.001385.001380.00Resistance1413.001416.001425.001432.001449.00RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

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