Weekly Report 22/08 -26/ 08/ 2011
Gold is currently approaching the previous short term detected technical objective of 1888.00, confirming the impulsive nature that dominates the current trend. The provided four hour graph shows the internal structureof the internal fifth wavediscussed inthe daily studiesseveral times before. To recap,the bullishness is in still favored over during this week, supported by the positivity appearing on trend indicator-AROON-. As for momentum indication, RSI 14 will be in need for some kind of relief sooner or later as it is presently valued at 81.00. Technical targets reside at 1945.00-1946.00, where 161.8% Fibonacci projection of the internal third wave exists.
The trading range for this week is among the key support at 1800.00 and key resistance now at 1945.00.
The general trend over the short term basis is to the upside, targeting $ 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
Eye On Gold
|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1868.00 targeting 1945.00 and stop loss below 1825.00 might be appropriate.|