Gold trading at $1645.15

Despite the fact Gold prices reached as high as the 1652 region today, “we remain concerned, as two factors suggest a rebound, the metals failure to close below 1647.00 yesterday, in addition to the bullish harmonic Gartley that could be completed at 1640.00 level yesterday.” warns the ICN.com Analyst team. “In any case, we will continue to hold onto our bearish downside targets, however we will move our stop loss level to entry point for a risk free trade. A daily closing below 1647.00 could give the bearish scenario further confirmation.”

In recent minutes the price of gold has fallen almost $10.00 to trade at 1642, before ultimately settling at USD $1645.15 at the time of writing Wednesday. ICN.com analysts point to supports at the 1635.00 and finally 1625.00 (1647 was previously broken).