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Technical Precious Metals
Written by article default Friday, 25 March 2011 13:13
GoldMidday Report
We see how the metal is trading within a tight range; whilst stability continues above C point and also above A point -the previous historical price-. Thereby, we might witness a bullish wave towards 127.2% of CD leg of the butterfly pattern. These expectations require stability above 1410.00 and preferably above 1420.00 to be confirmed.
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 | 1440.00 | 1445.00 | 1449.00 | 1452.00 | 1455.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1430.00 targeting 1455.00 and stop loss with a four hour closing below 1420.00 might be appropriate. | ||||
Silver
Midday Report
Trading stabilized above 37.20 zones; which is the key of damaging the bearish predications as we discussed in the weekly report. Stable move above this level will support the bullish scenario, which we suggest for the rest of the day.
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 | 37.20 | 37.00 | 36.90 | 36.50 | 36.30 |
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| Resistance | 37.50 | 37.75 | 37.95 | 38.10 | 38.60 |
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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. | ||||