Gold Technical Precious Metals (2012-04-25)
The upside move seen yesterday confirmed that the metal is affected sharply by the support level of 1624.00, where consolidation above this support suggests that the proposed harmonic structure is valid. Therefore, we still expect an upside move today, especially when the pair is stable above the main resistance of the descending channel, which controlled the formation of the BC leg of the pattern, suggesting that the metal will form now the CD leg of this pattern.
The trading range for today is among the key support at 1580.00 and key resistance now at 1680.00.
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The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
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