Gold trades at the critical level 13/02/2013

Economies.com
2013-02-13 06:01AM UTC

Gold’s trading is stable at the previously broken 1652.00, which represents the neckline for the double top pattern that has bearish targets reaching towards 1600.00

 

The solid base around 1640.00 makes us recommend the conservative traders to be neutral, hence there is a potential return for the upside trading, while the speculative traders can remain in the bearish bias depending on the overbought that appears on Stochastic, and the target is visiting 1629.00

 

Note that breaching above 1652.00 followed by 1660.00 will regain the bullish trend scenario which was stopped previously.

 

Expected trading range for today is between: 1629.00 support and 1660.00 resistance.

 

Expected trend for today: Neutrality is preferred 

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