Gold Technical Precious Metals (2012-05-01)
The decline seen yesterday stopped, while the metal returned to settle above 1654.00, which indicates that the sharp incline seen negated the negativity of momentum indicators. Consolidation above 1654.00 supports the continuity of the upside move, which also supports the harmonic outlook shown above. A breach of the minor resistance at 1780.00 is critical for gold to complete the CD leg of the suggested harmonic structure.
The trading range for today is among the key support at 1624.00 and key resistance now at 1700.00.
- FOLLOW US
- Follow @ibtimesindia
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
|Recommendation||Based on the charts and explanations above our opinion is buying gold above 1654.00, targeting 1680.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1638.00 might be appropriate.|
- NBA News: Phil Jackson Nearing NBA Return, Set to Join New York Knicks Front Office
- 'Once Upon a Time' Season 3 Spoilers: 'Wicked Witch' in Storybrooke, Emma Swan in New York, and the Evil Queen's Evolution! [Watch Promo Videos]
- NBA Preview: Miami Heat vs. Chicago Bulls Live Streaming Information
- The Most Popular Free Flappy Bird Clones Games in Google Play Include Flying Beiber and Flying Cyrus (VIDEOS)
- Afghanistan's Vice President Fahim Dies of Natural Causes
- 'Dancing with the Stars': Why Did Maksim Chmerkovskiy Decline Offer to Judge Show?