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Technical Precious Metals
Written by article default Friday, 03 February 2012 12:13
The metal reached the resistance level at 1763.00 as expected, while the upside bias is still valid, but overbought signs seen on Stochastic contradicts the positivity seen on RSI, which drives us to remain neutral for the rest of the session today. Consolidation above the resistance level could trigger a strong bullish wave.
The trading range for today is among the key support at 1702.00and key resistance now at 1794.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1754.00 | 1750.00 | 1742.00 | 1735.00 | 1724.00 |
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| Resistance | 1763.00 | 1768.00 | 1772.00 | 1780.00 | 1794.00 |
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| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Silver
Midday Report
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Silver is trading narrowly, but the positivity is still seen on Stochastic. We expect the metal to retest areas around the support level of 33.95-75 affected by the fluctuation seen on RSI. But in general, consolidation above these areas supports our positive expectations to remain as they are for the rest of the session today.
The trading range for today is among the key support at 31.60 and key resistance now at 35.70.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
**New York Candlesticks**
| Support | 33.95 | 33.75 | 33.40 | 33.00 | 32.60 |
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| Resistance | 34.25 | 34.65 | 35.10 | 35.70 | 36.20 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 33.95, and take profit in stages at (34.65 and 35.70) and stop loss with 4-hour closing below 33.00 might be appropriate | ||||
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