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Technical Precious Metals
Written by article default Tuesday, 04 January 2011 14:01
Midday Report
The current decline added some sensitivity to the situation but we still expect a bullish move. Stability above 1420.00 is required to prevent forming a bearish pattern before resuming the bullishness. The stable move above 1395.00 will keep our morning expectations valid, supported by Stochastic as seen on the provided image.
The trading range for today is among the key support at 1378.00 and key resistance now at 1273.00.
The general trend over the short term basis is to the downside targeting $1208.00 per ounce as far as areas of 1485.00 remain intact.
| Support | 1406.00 | 1402.00 | 1395.00 | 1388.00 | 1380.00 |
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| Resistance | 1420.00 | 1425.00 | 1430.00 | 1445.00 | 1449.00 |
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| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
The present price actions prove the efficiency of the harmonic formation, which its CD leg has extended. As we discussed earlier, the CD leg took AB=CD shape and thus, as far as trading remains above 29.85, the bullish anticipations will remain intact. Stability above 30.15 confirms the harmonic possibility.
The trading range for today is among the key support at 29.05 and key resistance now at 32.05.
The general trend over the short term basis is to the upside targeting $32.55 per ounce as far as areas of 29.80 remain intact.
| Support | 30.60 | 30.35 | 30.15 | 30.00 | 29.85 |
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| Resistance | 30.85 | 31.00 | 31.20 | 31.40 | 31.70 |
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| Recommendation | Our morning expectations remain valid. | ||||