Weekly Report 28/02 -04/ 03/ 2011
Without breaching the major support levels of 1395.00, gold might not adopt a favorable reaction to the bearish signs of momentum indicators. In the interim, it should stabilize above 1415.00-1425.00 C point to make us suggest more bullish actions. Thereby, we prefer staying aside until we get clearer signs appear. We need to witness a pullback below 1406.00 to confirm the bearish correction, while a break of 1425.00 to resume the current upside wave.
The trading range for this week is among the key support at 1376.00 and key resistance now at 1485.00.
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.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|