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Technical Precious Metals
Written by article default Tuesday, 17 May 2011 11:29
Morning Report
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According to Elliott rules, the second wave can't take CT shape. Therefore, breaching 1505.00 zones becomes very necessary to negate the shape colored in blue. Stability above 1462.00 argues us to hold onto our positive predictions as the proposed Elliott count is still valid. To conclude, the bullishness could be witnessed today.
The trading range for today is among the key support at 1445.00 and key resistance now at 1537.00.
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 | 1488.00 | 1480.00 | 1477.00 | 1474.00 | 1468.00 |
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| Resistance | 1500.00 | 1507.00 | 1513.00 | 1523.00 | 1530.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1488.00 gradually targeting 1505.00,1523.00 and 1537.00, while the stop loss is a four hour closing below 1460.00 might be appropriate. | ||||
Silver
Morning Report
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Trading stabilizes around very sensitive areas and we discussed before that 33.05 should hold to keep the suggested Elliott count valid. To recap, stability above the aforementioned level is a positive indication, while stability above 34.85 confirms this positivity. As far as the four-hour closing is above 33.05, we may witness a bullish direction today.
The trading range for today is among the key support at 30.25 and key resistance now at 38.50.
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 | 33.60 | 33.25 | 33.10 | 33.00 | 32.82 |
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| Resistance | 34.00 | 34.35 | 34.85 | 35.10 | 35.65 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying silver around 33.75 gradually targeting 34.85,35.50 and 36.90 , while the stop loss is a daily closing below 33.05 might be appropriate. | ||||