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Technical Precious Metals
Written by article default Thursday, 16 June 2011 09:12
Morning Report
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The metal has achieved a huge fluctuation where it started to stabilize above 1522.00 -38.2% of CD leg of Grtley pattern- once again. We need clearer signs to define if effect of the harmonic structure has stopped earlier or will continue pressuring the price since stability above 1522.00 contradicts with the negative sign on Stochastic. In result, we prefer staying aside over intraday basis.
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 | 1522.00 | 1519.00 | 1513.00 | 1505.00 | 1500.00 |
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| Resistance | 1532.00 | 1537.00 | 1549.00 | 1556.00 | 1562.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move. | ||||
Silver
Morning Report
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Yesterday's mild incline couldn't achieve stability above 36.35 zones indicating that the suggested Elliott sequence is still valid as we mentioned several times before. Potential downside actions could be witnessed over intraday basis supported by Stochastic which attempts to overlap negatively. To confirm this overview, we need to witness a four hour closing below 35.00 areas.
The trading range for today is among the key support at 33.05 and key resistance now at 37.45.
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 | 35.00 | 34.80 | 34.50 | 34.35 | 33.90 |
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| Resistance | 35.65 | 36.15 | 36.35 | 36.80 | 37.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling silver below 35.00 gradually targeting 33.90 and 33.05 , while the stop loss is a daily closing above 36.35 might be appropriate. | ||||