Members login
Technical Precious Metals
Written by article default Monday, 10 January 2011 17:14
GoldMidday Report
After reaching the resistance areas at 1376.00, gold declined confirming that the harmonic pattern might be valid. Trading returned below the 20 MA over four-hour basis and we can see the negative crossover on Stochastic, which confirms our weekly expectations which are supported further with stability below 1360.00.
The trading range for today is among the key support at 1322.00 and key resistance now at 1395.00.
The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1485.00 remain intact.
| Support | 1365.00 | 1358.00 | 1350.00 | 1344.00 | 1339.00 |
|
|
|||||
| Resistance | 1376.00 | 1380.00 | 1388.00 | 1395.00 | 1402.00 |
|
|
|||||
| Recommendation | Our weekly expectations remain valid | ||||
Silver
Midday Report
From areas among 29.00 and 29.05, silver started to decline once again. Stochastic provided a negative crossover confirming the effect of the harmonic bearish Butterfly, which might push silver further to extended targets that start with the retest of trough C around 28.30. By breaching the latter the extension towards 127% correction of CD at 27.55 will be valid. Those expectations require stability below 29.85 with four-hour closing and preferably below the horizontal support at 29.05.
The trading range for today is among the key support at 27.55 and the key resistance at 29.85.
The general trend over short term basis is to the downside targeting 23.60 as far as areas of 30.80 remain intact with weekly closing.
| Support | 28.60 | 28.45 | 28.05 | 27.90 | 27.55 |
|
|
|||||
| Resistance | 29.00 | 29.05 | 29.40 | 29.85 | 30.00 |
|
|
|||||
| Recommendation | Our weekly expectations remain valid | ||||