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Technical Precious Metals
Written by article default Friday, 05 August 2011 11:26
Midday Report
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As we discussed earlier, our caught bearish harmonic Deep Crab pattern didn't place the second PRZ at 1687.00 exactly, but we will treat 1682.00 as the PRZ of our short term technical target. Indeed, the price behavior occurred yesterday after touching 1682.00 could be an indication that the bearish effect of the proposed harmonic pattern is in progress. Breaching 1633.00 is essential to reach the scientific technical objective at 38.2% Fibonacci retracement, seen on the image. Momentum indicators should have some rest.
The trading range for today is among the key support at 1607.00 and key resistance now at 1687.00.
The general trend over the short term basis is to the upside targeting 1694.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
| Support | 1655.00 | 1645.00 | 1632.00 | 1627.00 | 1616.00 |
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| Resistance | 1670.00 | 1674.00 | 1677.00 | 1682.00 | 1687.00 |
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| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
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The metal’s trading is weak, but also we can see that the metal is unable to incline, where the candles’ structure on hourly basis (shown on the minor image) shows us that negativity is still valid, and the downside move could extend further today. Stability below 39.75 is required for our intraday downside movement to remain valid.
The trading range for today is among the key support at 36.30 and key resistance now at 42.05.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.
| Support | 39.00 | 38.70 | 38.25 | 38.00 | 37.95 |
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| Resistance | 39.75 | 40.00 | 40.40 | 40.90 | 41.20 |
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| Recommendation | Our expectations remain valid | ||||