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Technical Precious Metals
Written by article default Wednesday, 11 May 2011 14:05
Midday Report
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Trading stabilized below 1523.00 areas which were defined earlier to be the reversal level. Stochastic started to support the bearish overview that will be kept for the rest of the day. Note that, the place of the fourth wave was reconsidered but the IM structure remains the same as seen on the provided image. A break of 1520.00-1513.00 is needed to confirm our outlook.
The trading range for today is among the key support at 1477.00 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 of1430.00 remain intact with weekly closing.
| Support | 1513.00 | 1505.00 | 1500.00 | 1494.00 | 1480.00 |
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| Resistance | 1530.00 | 1537.00 | 1545.00 | 1549.00 | 1556.00 |
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| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
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During this week, all previous defined levels failed to prevent the bullishness and now, we will depend on the last level which exists at 38.50 and we need a breakout below it supported by momentum indicators. We will hold onto our negative overview which suggests that the fourth wave is over and the fifth will start sooner.
The trading range for today is among the key support at 35.10 and key resistance now at 42.10.
The general trend over short term basis is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.
| Support | 38.80 | 38.50 | 38.10 | 37.45 | 36.80 |
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| Resistance | 39.10 | 39.75 | 40.20 | 40.85 | 41.00 |
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| Recommendation | Our morning expectations remain valid. | ||||