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Technical Precious Metals
Written by article default Friday, 29 April 2011 11:43
GoldMidday Report
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It seems that gold has found a good support around 1530.00 as we expected. The suggested Elliott count supports the morning scenario which we keep intact. Stochastic started to be positive.
The trading range for today is among the key support at 1500.00 and key resistance now at 1556.00.
The general trend over the short term basis is to the upside targeting 1600.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
| Support | 1530.00 | 1523.00 | 1514.00 | 1505.00 | 1500.00 |
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| Resistance | 1540.00 | 1545.00 | 1549.00 | 1556.00 | 1560.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1530.00 targeting 1546, followed by 1556.00, while the stop loss is a four hour closing below 1517.00 might be appropriate. | ||||
Silver
Midday Report
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The price inclined from levels around 48.10; whilst Stochastic is still giving off bullish signs. RSI couldn't maintain levels below the value of 70.00. These signs are seen after achieving stability above 138.2% at 47.85 and thus, our morning expectations remain valid.
The trading range for today is among the key support at 44.85 and key resistance now at 52.10.
The general trend over short term basis is to the upside targeting 50.20 as far as areas of 42.10 remain intact with weekly closing.
| Support | 48.30 | 48.10 | 47.85 | 47.30 | 46.85 |
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| Resistance | 48.90 | 49.05 | 49.50 | 50.00 | 50.25 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying silver around 48.10 gradually targeting 49.50 and 50.25 , while the stop loss is a daily closing below 47.20 might be appropriate. | ||||