Members login
Technical Precious Metals
Written by article default Wednesday, 30 March 2011 07:28
GoldMidday Report
When we look at the chart, we will find that the negativity of Stochastic increased; while gold is moving downwards, approaching 61.8% Fibonacci retracement of CD leg of the harmonic formation. In general, we hold onto our morning predications for the rest of the day.
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 | 1409.00 | 1401.00 | 1395.00 | 1388.00 | 1380.00 |
|
|
|||||
| Resistance | 1420.00 | 1424.00 | 1430.00 | 1438.00 | 1440.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1424.00 targeting 1401.00 and stop loss above 1438.00 might be appropriate. | ||||
Silver
Midday Report
Silver couldn't confirm stability below X point of the harmonic crab structure, seen on the above image. In the interim, this structure is supported by the harmonic pattern of the morning report and we may witness a breakout below 38.2% Fibonacci of CD leg. To recap, we keep our outlook unchanged for the rest of the day.
The trading range for today is among the key support at 35.35 and key resistance now at 38.15.
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 | 36.50 | 36.30 | 36.05 | 36.00 | 35.85 |
|
|
|||||
| Resistance | 37.00 | 37.20 | 37.50 | 37.75 | 37.95 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 37.00, gradually targeting 36.43, 36.05 and 35.35; while the stop is a daily closing above 37.95 might be appropriate. | ||||