Gold Technical Precious Metals (2011-11-10)

By @ibtimes on

Morning Report

Respecting our yesterday's scenario flawlessly, the metal has slumped from the hinted resistance areas between 1795.00 and 1800.00 as seen on the provided daily graph. The negative divergence appearing on Stochastic still has downside targets to be reached, while AROON started to show that the metal is losing its upside steam. Breaching through 1753.00 will add more negative pressure on the metal since the bearish harmonic AB=CD has proved its efficiency since the past Friday. We remind you that a break above 1842.00 will damage the harmonic outlook completely.

The trading range for today is among the key support at 1687.00 and key resistance now at 1830.00.

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.

Previous Report

Weekly ReportSupport1753.001745.001735.001728.001715.00Resistance1765.001773.001785.001800.001815.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1768.00 targeting 1702 and stop loss above 1815.00 might be appropriate.

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