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Technical Precious Metals
Written by article default Wednesday, 06 April 2011 11:05
GoldMorning Report
Gold inclined sharply, damaging the bearish harmonic pattern via achieving a four hour closing above 1438.00. As we discussed earlier, this level was so important- we recommend reviewing the previous report-. Now, the metal is on its way to touch 1462.00-1464.00 zones, where a break of which will send it higher towards 1474.00. On the other side, momentum indicators are showing overbought signs. Thus, we prefer staying aside over intraday basis.
The trading range for today is among the key support at 1409.00 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 | 1449.00 | 1440.00 | 1435.00 | 1430.00 | 1424.00 |
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| Resistance | 1455.00 | 1464.00 | 1468.00 | 1474.00 | 1485.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move. | ||||
Silver
Morning Report
Breaching 39.25 levels forced us to be neutral as the bearish harmonic structure which we depended on it during the previous period has failed. In the interim, momentum indicators are showing clear overbought signs. If the metal succeeded in coming below 39.25 then stabilized below 38.68, the harmonic outlook will come back into focus, otherwise 39.85 and 40.20, followed by 40.95 might be visited.
The trading range for today is among the key support at 36.75 and key resistance now at 40.95.
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 | 39.05 | 39.00 | 38.68 | 38.50 | 38.15 |
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| Resistance | 39.40 | 39.85 | 40.30 | 40.60 | 41.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move. | ||||