Weekly Report 31/10 -04/ 11/ 2011
Friday's hanging man candlestick pattern has prevented the metal from achieving more bullishness above the key resistance level of 1753.00 as seen on the provided daily graph. Now, we have two additional main technical factors that force us to stay aside during this week as follows:
The negativity on Stochastic.
Approaching the sensitive areas of 1702.00-1700.00 which represent focal zones that will define the upcoming direction as a daily closing below them will bring additional bearishness while it also may provide the metal with the support it needs to complete the harmonic structure explained on Friday's reports -check the previous report-.
To recap, staying aside is favored as far as the metal is close to 1702.00 zones.
The trading range for this week is among the key support at 1627.00 and key resistance now at 1785.00.
The general trend over the short term basis is to the upsidetargeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move.|