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TECHNICAL ANALYSIS(Morning)
2012-03-29 13:38:22

Gold




Morning Report

gold29

Gold declined to currently trade in areas between 1662.00 and 1654.00, where these levels represents the potential reversal zone, noting that the bullish 0-5 harmonic pattern is still under formation and support the bullish classic structure as shown above on the chart. Stochastic is almost within overbought areas, but RSI is negative. Therefore, we expect an upside move today, but consolidation above 1673.00 is necessary to support this outlook. A breach of 1643.00 weakens the upside move, while a breach of 1624.00 should negate our expectations.

The trading range for today is among the key support at 1624.00 and key resistance now at 1735.00.

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

***New York Candlesticks***

Previous Report

Weekly Report



Support 1654.00 1650.00 1638.00 1624.00 1610.00

Resistance 1662.00 1666.00 1673.00 1681.00 1690.00

Recommendation Based on the charts and explanations above our opinion is buying gold around 1650.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.

 





TIME
Sydney Tokyo Ha Noi HongKong LonDon NewYork
Prices By NTGOLD
We Sell We Buy
37.5g ABC Luong Bar
5,342.904,922.90
1oz ABC Bullion Cast Bar
4,439.604,039.60
100g ABC Bullion Bar
14,190.8012,940.80
1kg ABC Bullion Silver
1,702.901,352.90
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