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Technical Precious Metals
Written by article default Tuesday, 11 October 2011 09:17
Morning Report
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Despite achieving an important closing yesterday above SMA 100, but as we discussed yesterday, we are still witnessing the re-testing action of the neckline for the potential double top formation that didn't reach its scientific technical target yet. At the same time, Stochastic continues moving towards overbought areas, while Vortex kept its negative sign intact. Hence, we still believe that the bearishness which started at 1920.00 will be resume soon; noting that a break below 1665.00 will support our overview.
The trading range for today is among the key support at 1615.00 and key resistance now at 1752.00.
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 | 1673.00 | 1665.00 | 1655.00 | 1648.00 | 1635.00 |
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| Resistance | 1687.00 | 1695.00 | 1702.00 | 1715.00 | 1728.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1665.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Morning Report
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The metal’s positive momentum stopped near to the Simple Moving Average 20 at 32.50, while Stochastic is within overbought areas. Furthermore, the bearish technical structure is still valid, which its neckline is at 33.65. Therefore, we expect a downside movement today, while consolidation below the mentioned neckline should support our expectations to prevail.
The trading range for today is among the key support at 30.30 and key resistance now at 34.40.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.85 | 31.30 | 31.05 | 30.65 | 30.30 |
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| Resistance | 32.50 | 32.95 | 33.15 | 33.32 | 34.40 |
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| Recommendation | Based on the charts and explanations above, we recommend selling silver around 32.85 and take profit in stages at (30.85 and 29.05) and stop loss with daily closing above 33.70 might be appropriate. | ||||
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