Gold Technical Precious Metals (2011-05-20)

By @ibtimes on

Morning Report

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Trading continued between 1488.00 and 1505.00 zones following the double ZZ wave. We keep our bullish anticipations intact since trading is still above the uptrend line. This scenario is supported by the suggested Elliott count and the positivity on Stochastic.

The trading range for today is among the key support at 1462.00 and key resistance now at 1537.00.

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

Previous Report

Weekly ReportSupport1494.001488.001480.001477.001474.00Resistance1500.001505.001513.001523.001530.00RecommendationBased on the charts and explanations above our opinion is, buying gold around 1488.00 gradually targeting 1505.00,1523.00 and 1537.00, while the stop loss is a four hour closing below 1462.00 might be appropriate.

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