Yesterday, the metal provided another bullish attempt; however, the incline seen stopped affected by momentum indicators, while gold returned to decline, but still the metal remains stable above 1654.00, which suggests that more bullish attempts might be seen today, as gold is forming the CD leg of the harmonic structure shown above.
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***
|Recommendation||Based on the charts and explanations above our opinion is buying gold around 1654.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1638.00 might be appropriate.|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009