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Commodities
Weekly Report
The level of 1763.00 was able to send the metal to the downside, where gold is currently stable in areas around 1735.00 again. Stochastic is negative, while ADX is weakening. Therefore, we expect the downside movement to continue this week unless the metal settles above 1763.00, which represents the top of (C) point of the harmonic structure shown above.
The trading range for this week is among the key support at 1640.00and key resistance now at 1794.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Previous Report
| Support | 1735.00 | 1724.00 | 1711.00 | 1706.00 | 1702.00 |
| Resistance | 1742.00 | 1750.00 | 1754.00 | 1763.00 | 1768.00 |
| Recommendation | Based on the charts and explanations above, our opinion is selling gold around 1735.00, and take profit in stages at (1706.00 and 1670.00) and stop loss with 4-hour closing above 1763.00 might be appropriate | ||||
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009
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