Members login
Technical Precious Metals
Written by article default Friday, 08 April 2011 18:29
GoldMidday Report
The positivity continued dominating the movements of the metal since it traded above 127.2% Fibonacci of CD leg of the bullish harmonic butterfly pattern. Stability above the aforesaid level may force gold to neglect the overbought signs appearing on momentum indicators. We are waiting for a technical touch for 1455.00 to reduce risks before resuming the bullish trend.
The trading range for today is among the key support at 1424.00 and key resistance now at 1500.00.
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1500.00 remain intact.
| Support | 1468.00 | 1460.00 | 1455.00 | 1449.00 | 1445.00 |
|
|
|||||
| Resistance | 1474.00 | 1485.00 | 1488.00 | 1495.00 | 1500.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1455.00 targeting 1474.00, followed by 1495.00 and stop loss with a four hour closing below 1438.00 might be appropriate. | ||||
Silver
Midday Report
The bullishness stopped around 40.20 zones, where we may witness some kind of correction. Classically, the bullish trend remains intact since the ascending channel is still organizing the movements if the metal. Stability above 40.20 is required but a break of 39.35 will lead us towards 38.35. Hence, we will tie our predications with a breakout above 40.20 or breaching through 39.35 to get correctional actions and between those levels the sideways will be the trend.
The trading range for today is among the key support at 38.15 and key resistance now at 41.35.
The general trend over short term basis is to the upside, targeting 40.95 as far as areas of 30.80 remain intact with weekly closing.
| Support | 39.85 | 39.30 | 39.00 | 38.65 | 38.50 |
|
|
|||||
| Resistance | 40.60 | 40.95 | 41.35 | 41.80 | 42.05 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying silver around 39.55, gradually targeting 40.20 and 40.95; while the stop is a four hour closing below 38.65 might be appropriate. | ||||