Members login
Technical Precious Metals
Written by article default Tuesday, 24 January 2012 08:21
Midday Report
 |
The metal found a very solid support at 1665.00 -previous broken resistance after achieving the morning anticipated retesting process- Now, the bullishness may continue for the rest of the day protected by SMA 50 -red- and the positivity on Stochastic. Only a break back below 1628.00 could negate our positive scenario. Upside acceleration could be seen if gold succeeds in penetrating 1685.00-1687.00 zones.
The trading range for today is among the key support at 1628.00 and key resistance now at 1713.00.
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 | 1670.00 | 1665.00 | 1653.00 | 1650.00 | 1645.00 |
|
|
|||||
| Resistance | 1679.00 | 1687.00 | 1695.00 | 1703.00 | 1706.00 |
|
|
|||||
| Recommendation | Our weekly expectations remain valid. | ||||
Silver
Midday Report
|
|
The metal reaches now the ideal reversal zone of the bearish Crab harmonic pattern, while Stochastic and RSI are within overbought areas. Therefore, we expect the metal to reverse to the downside in case it provided 4-hour closing below 33.40, while below 32.75 is much better. The suggested harmonic structure is ideal as shown above and should be completed in areas around 32.75. In some cases the pattern extended towards 200% of the XA leg; therefore we should confirm the continuity of the upside move through breaching the level of 33.40.
The trading range for this week is among the key support at 29.90 and key resistance now at 34.60.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
**New York Candlesticks**
| Support | 32.10 | 31.80 | 31.25 | 30.85 | 30.30 |
|
|
|||||
| Resistance | 32.95 | 33.40 | 33.75 | 34.00 | 34.60 |
|
|
|||||
| Recommendation | Our weekly expectations remain valid | ||||
|
||||||||||||