Feb 14, 2013
Commodities Brief – Precious metals pull back, supports in focus
Following a tight period of consolidation overnight, Gold prices pulled back again off of the 1646 mark before testing the 1642 region (slightly above initial support and the important 1640 barrier). However, the yellow metal has recovered slightly during European trading, as it operates above its 20 and 50-day MA Thursday. According to the Technical Analyst team at ICN.com, “the 1640.00-area is the potential reversal zone for a bullish harmonic Gartley pattern, while the completion of the pattern suggests a bullish rebound is imminent however. Thus, we will count on the pattern to cautiously expect an intraday bullish rebound.” Ultimately a move past the 1652 (February 13 high) level will be eyed as a confirmation of this trend. At the time of writing, gold prices have settled at USD $1643.98, trading negatively -$0.22 in these moments.
Baca lagi
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