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Technical Precious Metals
Written by article default Thursday, 24 March 2011 13:44
GoldMidday Report
We can see the bullish momentum preventing the metal from any reaction towards Stochastic. The butterfly pattern is still effective as the price is stable above C point, suggesting that 127.2% of CD leg at 145.00 could be reached. In general, we keep our morning anticipations intact for the rest of the day as far as trading remains above 1432.00.
The trading range for today is among the key support at 1392.00 and key resistance now at 1455.00.
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 | 1432.00 | 1425.00 | 1420.00 | 1410.00 | 1402.00 |
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| Resistance | 1445.00 | 1449.00 | 1452.00 | 1455.00 | 1474.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1432.00 targeting 1455.00 and stop loss with a four hour closing below 1420.00 might be appropriate. | ||||
Silver
Midday Report
Stability above 37.20 levels opened the door for various probabilities and we discussed one of them this morning. We have another possibility as we can notice a Bat pattern that is completed around 38.68 levels but we should be careful that there is another important level around 38.15. Henceforth, we turn our neutrality into bullish predications for the rest of the day. Areas of 36.70 should hold to protect this scenario and preferably, above 37.20 zones.
The trading range for today is among the key support at 35.35 and key resistance now at 39.00.
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 | 37.45 | 37.20 | 37.00 | 36.90 | 36.70 |
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| Resistance | 37.95 | 38.15 | 36.68 | 39.00 | 39.10 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying silver around 37.20, targeting 38.68 and stop loss with a four hour closing below 36.70 might be appropriate. | ||||