Gold Technical Precious Metals (2011-01-25)

By @ibtimes on

Morning Report

Gold continues forming the CD leg of the suggested harmonic butterfly structure. Presently, levels of 1322.00 represent the first PRZ and a break of which will take us towards 1298.00 zones; therefore, we hold onto our negative predictions over intraday basis. Note that we should observe the price behaviors around D 1, since the price may fail to penetrate it.

The trading range for today is among the key support at 1295.00 and key resistance now at 1366.00.

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 ReportSupport1330.001322.001315.001298.001295.00Resistance1339.001344.001350.001355.001360.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1339.00 targeting 1298.00 and stop loss above 1344.00 might be appropriate.

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