Members login
Technical Precious Metals
Written by article default Thursday, 02 June 2011 08:19
Morning Report
Click on the image for a larger view
 |
The metal has showed fluctuation but with positive tendency where it succeeded in stabilizing between 61.8% and 76.4% retracement levels of CD leg for the proposed Bat pattern. Stability above 1532.00 is a positive indication and may push the metal towards 1549.00, followed by 1562.00-1564.00 which could be the ideal PRZ for the pattern. Anyway, we keep our positive anticipations over intraday basis intact.
The trading range for today is among the key support at 1519.00 and key resistance now at 1564.00.
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 | 1537.00 | 1532.00 | 1523.00 | 1519.00 | 1513.00 |
|
|
|||||
| Resistance | 1545.00 | 1549.00 | 1556.00 | 1562.00 | 1564.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1532.00 gradually targeting 1549.00,1556.00 and 1562.00, while the stop loss is a daily closing below 1519.00 might be appropriate. | ||||
Silver
Morning Report
Click on the image for a larger view
 |
During yesterday's US session, the metal succeeded in touching 38.40 levels where it slipped sharply as seen on the provided graph. Our first and second proposed technical objectives were reached and that could prove the accuracy of our discussed Elliott count. Both scenarios are showing that the bearishness is in favor and now, momentum indicators are positive but breaching through 36.35 areas will bring additional negative actions. Failure to breach this level will be a reason for huge fluctuation due to the positivity of momentum indicators.
The trading range for today is among the key support at 35.00 and key resistance now at 39.10.
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 | 36.80 | 36.35 | 36.15 | 36.65 | 35.00 |
|
|
|||||
| Resistance | 37.45 | 37.75 | 38.00 | 38.40 | 38.90 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 38.00 gradually targeting 37.45,36.35 and 35.65 , while the stop loss is a daily closing above 40.20 might be appropriate. | ||||