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Technical Precious Metals
Written by article default Thursday, 10 February 2011 19:02
GoldMidday Report
Gold declined but let's restudy the bullish harmonic butterfly pattern, where we can find that the price is still stable above the first technical objective -above 38.2% of CD leg-. Thereby, we hold onto our morning predictions for the rest of the day. The CD leg which we discussed this morning, took the shape of a bullish harmonic AB-CD pattern. Coming back above 1360.00 will confirm our anticipations as far as 1344.00 remains unbroken.
The trading range for today is among the key support at 1335.00 and key resistance now at 1395.00.
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 | 1352.00 | 1348.00 | 1342.00 | 1335.00 | 1327.00 |
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| Resistance | 1360.00 | 1366.00 | 1372.00 | 1376.00 | 1380.00 |
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| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
The bullish channel and stability above 29.80 are technical factors that argue us to keep onto our morning unchanged for the rest of the day. Stochastic shows oversold sign, attempting to overlap positively and thus, we may witness a retest for 30.72 zones. Furthermore, a break of 30.72 will bring additional bullishness towards 31.90, influenced by the AB=CD pattern, which may take the metal towards the extended technical objectives. Note that areas of 29.46 should hold to protect this scenario.
The trading range for today is among the key support at 28.95 and key resistance now at 31.90.
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 | 29.80 | 29.60 | 29.46 | 29.05 | 28.95 |
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| Resistance | 30.00 | 30.35 | 30.72 | 30.85 | 31.00 |
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| Recommendation | Our morning expectations remain valid. | ||||