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Technical Precious Metals
Written by article default Wednesday, 01 June 2011 11:33
Midday Report
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The metal is trapped within a very tight range, while we see attempts to stabilize above 1532.00. We will make sure that the bullishness will continue once we witness a break above the recently established resistance around 1540.00. The harmonic pattern is still valid as far as 1519.00 remains intact. Moving above B point will confirm our positive scenario.
The trading range for today is among the key support at 1505.00 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 | 1523.00 | 1519.00 | 1513.00 | 1505.00 | 1500.00 |
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| Resistance | 1540.00 | 1545.00 | 1549.00 | 1556.00 | 1562.00 |
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| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
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Silver continued moving sideways below 38.90 zones as seen on the image above. Thereby, the two scenario scenarios are acceptable; whilst both of them are bearish. In general, we keep our morning predications intact for the rest of the day as far as the price is stable below 38.2% Fibonacci level.
The trading range for today is among the key support at 35.85 and key resistance now at 40.90.
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 | 37.75 | 37.45 | 36.80 | 36.35 | 36.15 |
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| Resistance | 38.40 | 38.90 | 39.25 | 39.75 | 40.20 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 38.40 gradually targeting 37.45,36.35 and 35.65 , while the stop loss is a daily closing above 40.20 might be appropriate. | ||||
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