Monday 19 March 2012

GOLD REPORT........ WEEKLY..


Gold REPORT

Weekly Report


Gold inclined after reaching areas between 1656.00 and 1624.00, where these levels might be -as we mentioned previously- the potential reversal zone that represents the (D) point of the bullish 0-5 harmonic pattern and also the completion point of the BC leg of the bearish 0-5 harmonic pattern. The different types of patterns seen don’t negate the possibility of an upside move this week, where the bearish 0-5 harmonic pattern is currently forcing upside pressures on the metal to form the CD leg, while the bullish 0-5 harmonic pattern also might trigger an upside move. In result, any trading above 1624.00 suggests the continuity of the upside move this week, noting that a breach of 1598.00 is sufficient to negate our positive outlook.
The trading range for this week is among the key support at 1590.00 and key resistance now at 1735.00

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