Gold
2012-04-12 12:46:18
Morning Report
The metal settled above the main resistance of the downside movement and also above 23.6% Fibonacci correction of the downside movement, which started at 1790.00 and ended at the bottom of 1612.00. This correction at 1653.00 became a strong support level, while consolidation above this level might trigger the continuity of the upside move as the metal attempts to form the CD leg of the suggested harmonic pattern. A breach of 1624.00 negates our positive outlook.
The trading range for today is among the key support at 1608.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
Support | 1653.00 | 1645.00 | 1638.00 | 1632.00 | 1624.00 |
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Resistance | 1662.00 | 1666.00 | 1673.00 | 1681.00 | 1690.00 |
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Recommendation | Based on the charts and explanations above our opinion is buying gold around 1653.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1638.00 might be appropriate. |
TIME | |||||
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Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
Prices By NTGOLD | ||
---|---|---|
We Sell | We Buy | |
37.5g ABC Luong Bar | ||
5,339.50 | 4,919.50 | |
1oz ABC Bullion Cast Bar | ||
4,436.80 | 4,036.80 | |
100g ABC Bullion Bar | ||
14,181.50 | 12,931.50 | |
1kg ABC Bullion Silver | ||
1,703.30 | 1,353.30 |
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