Members login
Technical Precious Metals
Written by article default Thursday, 10 March 2011 10:55
GoldMorning Report
Gold is trading within a very tight range for the third consecutive day between the support of 1420.00 and the resistance of 1438.00, without touching any one of them. This might aid gold gather momentum to move upwards once more to be able to penetrate the initial resistance areas around 1438.00, followed by 1455.00 and 1474.00. These positive predications are based on the bullish channel, which the metal is currently touching its support line beside the positive effect of the harmonic formation discussed in the weekly report.
The trading range for today is among the key support at 1388.00 and key resistance now at 1474.00.
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 | 1425.00 | 1420.00 | 1415.00 | 1410.00 | 1406.00 |
|
|
|||||
| Resistance | 1438.00 | 1445.00 | 1449.00 | 1452.00 | 1455.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1425.00 targeting 1474.00 and stop loss with a four hour closing below 1402.00 might be appropriate. | ||||
Silver
Morning Report
Stabilizing above 35.90-36.00 areas makes us keep our bullish anticipations unchanged. Additionally, trading within the ascending channel is another positive indication for resuming the bullishness; while SMA 20 is carrying the movements. As discussed in our weekly report, silver is trading above very sensitive levels and that might cause buying pressure based on our harmonic studies and we recommend reviewing the weekly report for more explanations.
The trading range for today is among the key support at 33.75 and key resistance now at 37.15.
The general trend over short term basis is to the upside targeting 39.05 as far as areas of 30.80 remain intact with weekly closing.
| Support | 36.00 | 35.85 | 35.65 | 35.50 | 35.10 |
|
|
|||||
| Resistance | 36.50 | 36.90 | 37.15 | 37.50 | 37.75 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying silver around 35.85 targeting 37.15 and stop loss with a four hour closing below 35.00 might be appropriate. | ||||