Gold Weekly Technical Report 29/10-2/11/2012

ecPulse
2012-10-29 14:42PM UTC

 

 The metal is finding some kind of support around the psychological level of 1700.00 which was our detected technical objective for the analysis published on October, 01 . Stochastic besides the lower line of Bollinger Bands are the main reasons that prevent daily chart traders to resume their southern journey. But, stability below SMA 50 and SMA 100 are rational technical reasons that encourages us to join bears during the upcoming period; noting that taking out 1700.00 will cause violent descending actions towards 1675.00 followed by 1650.00.

The trading range for this week is expected among the key support at 1650.00 and key resistance now at 1775.00.

The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1520.00 remain intact with a weekly closing.

Support    1700.00    1688.00    1675.00    1660.00    1650.00
Resistance    1725.00    1732.00    1745.00    1755.00    1765.00
Recommendation    Based on the charts and explanations above our opinion is, selling the metal below 1725.00 targeting 1650.00 and stop loss above 1765.00 might be appropriate.

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