Weekly Report 10/10 – 14/ 10/ 2011
The fluctuation continues below the neckline areas of the previous explained double top formation that didn't achieve its scientific technical objective at 1475.00 until now. Friday's negative closing below SMA 100 and the negativity on Vortex are technical factors that encourage us to suggest potential downside move during this week. The bearishness will be valid as far as 1702.00 -the neckline- areas remain intact. A break of 1615.00 will actuate the metal to retest 1575.00, followed by 1533.00 once more.
The trading range for this week is among the key support at 1533.00 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 | 1635.00 | 1615.00 | 1590.00 | 1575.00 | 1560.00 |
| Resistance | 1665.00 | 1687.00 | 1702.00 | 1728.00 | 1735.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1665.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Weekly Report 10/10 – 14/ 10/ 2011
After the incline seen on Friday, the metal declined sharply proving the strength of 33.15 levels, which precedes 33.70 as shown above on the chart, where this level represents the neckline of the bearish technical structure. Stochastic is negative and could lead another downside movement. But, consolidation above 33.70 is able to lift the pair towards 35.10 at least.
The trading range for this week is among the key support at 27.15 and key resistance now at 35.10.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.20 | 31.00 | 30.85 | 30.30 | 29.05 |
| Resistance | 32.15 | 32.95 | 33.15 | 33.70 | 34.40 |
| 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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