Gold Technical Precious Metals (2011-03-22)

By @ibtimes on

Morning Report

The metal is currently trading above C point of the bullish harmonic pattern and according to the harmonic rules; areas of 127.2% could be touched in such case. Therefore, areas around 1455.00 could be touched but the gap of the weekly opening hasn't been covered yet. If the metal decided to cover it, we will move below C point once more. If that occurred, the bullishness will be threatened, particularly if 1410.00 is breached. In result, we keep our neutrality intact until a clearer sign appears in order to pinpoint the upcoming direction.

The trading range for today is among the key support at 1392.00 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 ReportSupport1420.001412.001410.001402.001392.00Resistance1432.001438.001445.001449.001452.00RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer signs appears to pinpoint the upcoming big move.

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