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Technical Precious Metals
Written by article default Friday, 01 July 2011 09:39
Morning Report
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The daily chart shows that gold has come back into trading range between 61.8% and 76.4% Fibonacci retracement of CD leg for the bearish harmonic structure. Coming beneath 61.8% at 1505.00 has negated yesterday's expected bullishness. Now, Stochastic is showing positive tendency; whilst RSI is fluctuating below 50.00; thus, we prefer staying aside over intraday basis.
The trading range for today is among the key support at 1492.00 and key resistance now at 1525.00.
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 | 1500.00 | 1492.00 | 1488.00 | 1480.00 | 1477.00 |
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| Resistance | 1505.00 | 1510.00 | 1516.00 | 1525.00 | 1532.00 |
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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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Silver came back below SMA 50 and below the support of 34.70. Stochastic is negative, while MACD shows signs weakness clarifying that price explosion will start sooner. Thereby, we will be neutral for today until price stabilizes above or below SMA 50 within the descending channel since we need to witness signs for a new direction on MACD.
The trading range for today is among the key support at 33.30 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 | 34.35 | 33.90 | 33.60 | 33.30 | 33.10 |
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| Resistance | 34.70 | 35.00 | 35.65 | 36.00 | 36.15 |
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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. | ||||
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