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Technical Precious Metals
Written by article default Tuesday, 08 November 2011 07:47
Morning Report
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After testing levels near the bottom of the long term-multi-week- ascending channel , the shiny metal rallied to currently trade near the top of the channel , where stochastic could be topping within overbought area . Although the overall trend remains bullish, we expect a downside pullback from levels near 1800.00.
The trading range for the day is among the key support at 1725.00 and key resistance now at 1830.00.
The short-term trend is to the upside targeting 1945.00 as far as areas of 1475.00 remain intact.
*The provided chart based on GMT+3*
| Support | 1780.00 | 1770.00 | 1760.00 | 1750.00 | 1730.00 |
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| Resistance | 1800.00 | 1815.00 | 1825.00 | 1843.00 | 1860.00 |
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| Recommendation | Based on the charts and explanations above, we recommend selling gold around 1800.00, targeting 1765.00 and 1725.00, stop loss with four-hour closing above 1830.00 might be appropriate. | ||||
Silver
Morning Report
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The metal is trading within a narrow range just below the 50 days SMA. Currently, trading settles in the middle of the range among the rising wedge formation shown above, the current narrow trading stance push us to remain on the sideline awaiting a directional rally or selloff for more confirmations regarding the next potential move.
The trading range for the day is among the key support at 32.00 and key resistance now at 36.00.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 34.50 | 34.00 | 33.80 | 33.30 | 33.00 |
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| Resistance | 35.00 | 35.40 | 35.65 | 36.00 | 36.45 |
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| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting more confirmations. | ||||
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