In the first picture, we recognize a possible formation of a 0-5 harmonic pattern, while consolidation above 1624.00 is our critical condition. But, in the second image, we recognize a bearish continuation symmetrical triangle, which remains valid as long as the metal is stable below the resistance of 1662.00 and 1654.00. Due to the technical conflict seen, we remain neutral today, awaiting further confirmations regarding the metal's next move.
The trading range for today is among the key support at 1590.00 and key resistance now at 1680.00.
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, we remain neutral awaiting more confirmations|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009