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Technical Precious Metals
Written by article default Friday, 15 July 2011 08:05
Morning Report
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Gold is moving within a sideways range near yesterday's historical recorded highs around 1594.00. The range areas which dominates the movements could be reason for relieving momentum indicators and after that we may witness a bullish wave targeting 1600.00-1607.00 areas. Breaching through 1607.00 could bring additional bullishness; whilst failure to stabilize above the support of the ascending channel at 1562.00 could negate the bullish scenario temporarily.
The trading range for today is among the key support at 1545.00 and key resistance now at 1615.00.
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 | 1575.00 | 1562.00 | 1556.00 | 1550.00 | 1545.00 |
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| Resistance | 1588.00 | 1600.00 | 1607.00 | 1615.00 | 1629.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1575.00 gradually targeting 1588.00, 1600.00 and 1607.00, while the stop loss is a four hour closing below 1545.00 might be appropriate. | ||||
Silver
Morning Report
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In line with yesterday's midday report, silver declined touching 38.05 zones affected by the bearish harmonic formation consisting of bearish CRAB and AB=CD patterns. The first technical objective of the CRAB pattern resides at 37.10, while the first objective of the AB=CD pattern resides at 37.60. As far as trading remains below 39.60 with a four hour closing -preferably below 39.10- the bearishness will be in favor over the upcoming period, supported by RSI indicator.
The trading range for today is among the key support at 36.75 and key resistance now at 40.20.
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 | 38.25 | 38.00 | 37.60 | 37.45 | 37.10 |
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| Resistance | 38.90 | 39.10 | 39.60 | 39.75 | 40.20 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 38.90 gradually targeting 37.60,37.10 and 36.75 , while the stop loss is a four hour closing above 39.10 might be appropriate. | ||||