Gold Technical Precious Metals (2011-05-03)

By @ibtimes on

Morning Report

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Gold declined violently touching 1537.00 zones which are very close to yesterday's detected areas of 1523.00. The proposed Elliott scenario is confirmed more since the bearish candlesticks formation are negative. Trading below 1580.00will keepthe bearish direction valid; whilst a four hour closing below 1565.00 will indicate that the metal is forming the fourth wave.

The trading range for today is among the key support at 1514.00 and key resistance now at 1580.00.

The general trend over the short term basis is to the upsidetargeting1600.00 per ounce as far as areas of 1430.00 remain intact.

Previous Report

Weekly ReportSupport1545.001537.001530.001523.001514.00Resistance1556.001560.001565.001575.001580.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1556.00 gradually targeting 1537.00 and 1523.00, while the stop loss is a daily closing above 1565.00 might be appropriate.

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