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Technical Precious Metals
Written by article default Monday, 02 May 2011 11:46
Midday Report
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Gold is inclining gradually but this upside actions still agree with the suggested Elliott scenario, where we believe that the fourth wave is in progress. Therefore, we keep our overview unchanged for the rest of the day and we recommend the weekly report for more details.
The trading range for today is among the key support at 1500.00 and key resistance now at 1585.00.
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.
| Support | 1549.00 | 1549.00 | 1537.00 | 1530.00 | 1523.00 |
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| Resistance | 1556.00 | 1560.00 | 1564.00 | 1575.00 | 1580.00 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Silver
Midday Report
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Silver is fluctuates trending upwards and these behaviors are seen as normal recovery for the sharp bearishness occurred during the Asian session. The proposed Elliott count still offers the probability of achieving more bearishness, supported by the negativity on RSI and Stochastic. We recommend reviewing the suggested count in the weekly report.
The trading range for today is among the key support at 40.60 and key resistance now at 48.10.
The general trend over short term basis is neutral until we see how the price will behave around 42.05-42.30 during this week.
| Support | 44.85 | 44.68 | 44.35 | 43.85 | 43.68 |
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| Resistance | 46.05 | 46.85 | 47.30 | 47.75 | 48.10 |
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| Recommendation | Our weekly expectations remain valid. | ||||