Members login
Technical Precious Metals
Written by article default Monday, 05 September 2011 07:51
Weekly Report 05/09 – 09/ 09/ 2011
 |
The last positive weekly candlestick has fixed the bearishness candle the week before as seen on the secondary image. This bullish candlestick formation offers the required technical evidence that the metal is still drawing the previous explained IM –impulsive wave- from 1477.00 zones which suggests new historical highs over upcoming sessions. RSI 14 needs to be relieved before; thus, some kind of bounce might be witnesses before moving higher once more. Note that TEMA 20 and Parabolic SAR are coving the current upside actions as well.
The trading range for this week is among the key support at 1815.00 and key resistance now at 1945.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1867.00 | 1855.00 | 1845.00 | 1833.00 | 1825.00 |
|
|
|||||
| Resistance | 1888.00 | 1900.00 | 1912.00 | 1926.00 | 1945.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1865.00 targeting 1945.00 and stop loss below 1815.00 might be appropriate. | ||||
Silver
Weekly Report 05/09 – 09/ 09/ 2011
|
|
The suggested upside movement last week was seen, which formed the bearish bat harmonic pattern, where this pattern is originally negative and suggests a downside correction at the start of this week, unless a breach of 44.20 is seen. The awaited downside correction could force the metal to test the levels around 42.30 and maybe around 41.50 in case the first target was breached. But the suggested downside movement is only a correction within an upside longer-term trend.
The trading range for this week is among the key support at 39.10 and key resistance now at 45.00
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact
| Support | 42.70 | 42.30 | 41.50 | 40.90 | 40.40 |
|
|
|||||
| Resistance | 43.25 | 43.45 | 43.60 | 44.20 | 44.80 |
|
|
|||||
| Recommendation | Based on the charts and explanations above, we recommend selling silver below 43.60 and take profit in stages at (42.70, 42.30 and 41.50) and stop loss with daily closing above 44.20 might be appropriate. | ||||
|
||||||||||||