Members login
Technical Precious Metals
Written by article default Wednesday, 29 June 2011 08:29
GoldMorning Report
Click on the image for a larger view
Yesterday's incline is still trapped between 61.8% and 76.4% of CD leg for the harmonic structure that could be a bearish Bat pattern. Trading between 1505.00 and 1492.00 makes the sideways dominating the movements for the time being. We will be neutral for today until we get clearer technical signs.
The trading range for today is among the key support at 1474.00 and key resistance now at 1532.00.
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 | 1492.00 | 1488.00 | 1480.00 | 1477.00 | 1474.00 |
|
|
|||||
| Resistance | 1505.00 | 1513.00 | 1525.00 | 1532.00 | 1537.00 |
|
|
|||||
| 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
Click on the image for a larger view
The bullish tendency couldn't achieve stability above B point of the harmonic structure which could be a Butterfly pattern where its CD leg is still in progress. Stabilizing below 34.35 over intraday basis keeps chances for moving lower; whilst coming back below 33.60 strengthens those chances. To recap, the bearishness is still favored since we look at the current upside movements as a normal technical process to relieve RSI.
The trading range for today is among the key support at 31.35 and key resistance now at 36.00.
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 | 33.90 | 33.60 | 33.30 | 33.00 | 32.82 |
|
|
|||||
| Resistance | 34.35 | 34.80 | 35.00 | 35.65 | 36.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 34.35 gradually targeting 33.05,32.45 and 31.35, while the stop loss is a daily closing below 35.65 might be appropriate. | ||||