Members login
Technical Precious Metals
Written by article default Monday, 06 June 2011 07:27
Weekly Report 06/06 – 10/ 06/ 2011
Click on the image for a larger view
Now, the previous discussed Elliott count came back into focus where the internal third wave seen on the image could be completed between 1560.00 and 1581.00 areas. We see signs of a negative divergence on RSI, while Stochastic is negative and thus, the aforesaid wave might have been completed already. To recap, we might witness a bullish wave but a slant correction might start. Breaching through 1581.00 will bring more bullishness towards 1600.00 areas.
The trading range for this week is among the key support at 1500.00 and key resistance now at 1571.00.
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 | 1540.00 | 1532.00 | 1523.00 | 1513.00 | 1505.00 |
|
|
|||||
| Resistance | 1549.00 | 1556.00 | 1560.00 | 1564.00 | 1575.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1540.00 gradually targeting 1556.00,1560.00 and 1581.00, while the stop loss is a daily closing below 1523.00 might be appropriate. This recommendation will be canceled out if the second and third technical targets are reached before the entry point is touched. | ||||
Silver
Weekly Report 06/06 – 10/ 06/ 2011
Click on the image for a larger view
When we look at the provided graph, we will see that the metal is trading below the support line which organized B wave of ZZ wave -colored in green-. Henceforth, we believe that C wave has started, while Stochastic is reflecting an overbought case. RSI couldn't stabilize above 50.00 levels and thus, the bearishness will be in favor during this week as far as trading continues below 38.90 with a daily closing.
The trading range for this week is among the key support at 32.20 and key resistance now at 38.90.
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 | 36.35 | 35.50 | 35.35 | 34.85 | 34.35 |
|
|
|||||
| Resistance | 37.00 | 37.30 | 38.05 | 38.50 | 38.90 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 37.00 gradually targeting 35.35,34.85 and 33.90 , while the stop loss is a daily closing above 38.90 might be appropriate | ||||
|
