Weekly Report 30/5 -03/ 06/ 2011
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The metal is presently moving above 61.8% of XA leg of the harmonic structure which could be a Bat pattern. This pattern will be completed at 88.6% of XA leg. Thus, areas between 1560.00 and 1564.00 could be visited. Stability above 1532.00 is required to keep the bullish anticipations valid; whilst stability above 1519.00 is needed to confirm the harmonic outlook.
The trading range for this week is among the key support at 1474.00 and key resistance now at 1585.00.
The general trend over the short term basis is to the upside, targeting $ 1600.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1532.00 gradually targeting 1549.00,1556.00 and 1564.00, while the stop loss is a daily closing below 1513.00 might be appropriate.|