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Technical Precious Metals
Written by article default Wednesday, 18 May 2011 08:12
Morning Report
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Yesterday's sharp decline couldn't damage our bullish expectations and all what happened was changing the place of the second wave of the suggested bigger fifth wave. We still believe that the metal will incline over intraday basis and a break of 1505.00, accompanied by stability above it will be a positive indication. Momentum indicators support our overview for 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 of 1430.00 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 1462.00 might be appropriate. | ||||
Silver
Morning Report
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Until this moment, the metal couldn't achieve a four hour closing below 33.05 and thus, the bullishness is still in favor. Additionally, areas of 32.30 haven't been breached and therefore, the proposed Elliott count is still valid. The suggested A wave might have been placed and we are now witnessing B wave. In result, we expect bullish direction over intraday basis.
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 | 34.00 | 33.60 | 33.30 | 33.05 | 33.00 |
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| Resistance | 34.85 | 35.10 | 35.65 | 35.90 | 36.80 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying silver around 34.00gradually targeting 34.85,35.50 and 36.90 , while the stop loss is a daily closing below 33.05 might be appropriate. | ||||