Kumaresan Selvaraj pillai


BLOG MOVED 2 http://finance-world-breaking-news.blogspot.com/

Thursday, December 8, 2011

Technical Precious Metals Report

advertisement
Friday December 9 , 2011 05:21 GMT
Gold


Morning Report

 

The technical secret behind yesterday's collapse could be seen on the four-hour chart since the metal has met the key resistance level of 1755.00 when Stochastic overlapped negatively inside overbought areas. Now, we believe that gold is on its way to breach 50% Fibonacci retracement of the upside wave from 1603.00 to 1802.00 at 1703.00 after some kind of fluctuation, supported by the ceiling of SMA 20 and SMA 50. Finally, the secondary image of the daily studies reflects the strength of the bearishness as it engulfed the previous two days incline.

The trading range for today is among the key support at 1650.00 and key resistance now at 1765.00.

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.

Previous Report

Weekly Report 



Support1703.001695.001687.001673.001665.00

Resistance1715.001720.001728.001735.001748.00

RecommendationBased on the charts and explanations above our opinion is, selling gold below 1720.00 targeting 1650.00.00 and stop loss above 1765.00 might be appropriate.


Silver


Morning Report

 

Silver reversed to the downside affected by the stability below the level of 32.95 mentioned before. The rising wedge pattern (bearish technical pattern) is still effective and could force the downside movement to extend further. Stochastic is negative, while the relative strength index is also trading below the 50-point level.

The trading range for today is among the key support at 29.55 and key resistance now at 33.75.

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

**New York Candlesticks**

Previous Report

Weekly Report 



Support31.6031.2530.9530.5030.30

Resistance32.1032.6032.9533.0533.50

RecommendationBased on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (31.25 and 29.55) and stop loss with 4-hour closing above 33.05 might be appropriate


To read the full story, ClickHere




ecPulse.com has sent you this message.
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.






Note: Our website content is subject to errors, changes and updates; the use of the websites constitutes your acceptance of our Privacy Policy and Risk Disclosure.

Risk Disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, gold, silver & energies should
www.ecPulse.com +170 38 79 32 32
Copyright 2008 ecPulse.com. All rights reserved.

No comments: