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Technical Precious Metals
Written by article default Monday, 18 April 2011 18:17
GoldMidday Report
The resistance levels of 1485.00 represent decisive and important levels since they will clarify if the metal will retest 1494.00 zones followed by 1500.00-1508.00 or achieving a potential downside recovery. The harmonic structure forces us to stay on the long side as far as we don't witness a daily closing below 1468.00.
The trading range for today is among the key support at 1449.00 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 1508.00 remain intact.
| Support | 1480.00 | 1474.00 | 1468.00 | 1462.00 | 1455.00 |
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| Resistance | 1488.00 | 1494.00 | 1500.00 | 1508.00 | 1523.00 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Silver
Midday Report
The first technical attempt to move downwards has covered the gap via touching 42.85 zones. Now, the metal is negatively affected by the bearish signs appearing on momentum indicators. Moreover, the resistance of the major channel is still solid enough to send silver to the downside. Hence, the top for the fifth wave has been potentially placed, encouraging us to keep our bearish overview intact.
The trading range for today is among the key support at 41.80 and key resistance now at 44.63.
The general trend over short term basis is neutral until we see how the metal will behave around 42.05-42.30 zones during this week.
| Support | 42.65 | 42.50 | 42.05 | 41.80 | 41.55 |
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| Resistance | 43.00 | 43.35 | 43.68 | 44.15 | 44.68 |
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| Recommendation | Our weekly expectations remain valid. | ||||