Gold Technical Precious Metals (2012-04-04)

By @ibtimes on

Morning Report

Consolidation below 1666.00 and 1654.00 negated our positive expectations yesterday, where gold is currently trading in critical areas below these levels, which turned into resistance. At the same time, the metal is still above 1624.00, which supports the bullish 0-5 harmonic pattern to remain valid. Stochastic is negative, while EMA 50 pressures gold from above, which contradicts the bullish pattern. Therefore, we remain neutral today, observing gold's movement around the critical levels, where stability below 1624.00 should negate the harmonic pattern, while trading above 1666.00 supports the return of the positivity.

The trading range for today is among the key support at 1598.00 and key resistance now at 1690.00.

The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.

***New York Candlesticks***

Previous Report

Weekly ReportSupport1638.001629.001624.001610.001598.00Resistance1654.001662.001666.001673.001681.00RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations

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