Members login
Technical Precious Metals
Written by article default Friday, 28 January 2011 14:22
GoldMidday Report
The metal is trading between the possible PRZ for the bullish Butterfly Pattern among 1322.00 and 1298.00, at the same time, we can see that Stochastic provided a positive crossover from oversold areas and RSI is attempting to reverse higher. Accordingly, we expect that gold might extend the upside correction for the rest of the day and maybe the coming period.
The trading range for today is among the key support at 1280.00 and key resistance now at 1360.00.
The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1485.00 remain intact.
| Support | 1310.00 | 1302.00 | 1298.00 | 1287.00 | 1280.00 |
|
|
|||||
| Resistance | 1322.00 | 1227.00 | 1330.00 | 1335.00 | 1344.00 |
|
|
|||||
| Recommendation | Our morning expectations remain valid | ||||
Silver
Midday Report
Silver rushed to the upside and trading around 26.85 which is the 200% of the AB leg from the AB=CD bullish harmonic pattern. Stochastic provided a clear positive crossover supporting the expectations for silver to continue the upside move towards the second harmonic target at 61.8% correction of CD leg as shown above.
The trading range for today is among the key support at 25.35 and the key resistance at 28.05.
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 | 26.75 | 26.52 | 26.40 | 25.80 | 25.35 |
|
|
|||||
| Resistance | 27.05 | 27.15 | 27.25 | 27.45 | 27.65 |
|
|
|||||
| Recommendation | Our morning expectations remain valid | ||||