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Technical Precious Metals
Written by article default Tuesday, 21 June 2011 08:02
Morning Report
Exactly from areas around 1532.00, gold rebounded to the upside confirming the weakness of the Gartly Pattern, or maybe that it settled for the first target at 38.2% correction of CD leg shown above at 1522.00. Currently, the possibility of forming the Bat pattern is rising and that signals a possible upside move today supported by the positivity on Stochastic and the upside tendency on RSI.
The trading range for today is among the key support at 1513.00 and key resistance now at 1565.00.
The short-term trend is to the upside targeting 1600.00 per ounce as far as areas of 1430.00 remain intact.
| Support | 1537.00 | 1532.00 | 1522.00 | 1519.00 | 1513.00 |
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| Resistance | 1549.00 | 1556.00 | 1562.00 | 1565.00 | 1575.00 |
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| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1537.00 and take profit in stages at 1549.00, 1556.00 and 1564.00 and stop loss with daily closing below 1522.00 might be appropriate | ||||
Silver
Morning Report
The upside move seen for the metal yesterday was not able to stabilize above 36.35 -23.6% correction- as shown above on the chart. We see the possibility for the metal to move to the downside today as currently the metal is within the C bearish wave of the Zigzag pattern, and supported by Stochastic. The downside move will fail if areas of 37.00 –main resistance for the descending wave- are breached, while stability above 36.35 weakens the suggested scenario.
The trading range for today is among the key support at 34.35 and key resistance now at 37.45.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.
| Support | 35.65 | 35.25 | 35.00 | 34.80 | 34.50 |
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| Resistance | 36.00 | 36.35 | 36.80 | 37.00 | 37.45 |
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| Recommendation | Based on the charts and explanations above our opinion is selling silver around 36.00 and take profit in stages at 35.00, 34.35, 33.90 and stop loss with daily closing above 36.35 might be appropriate | ||||
