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Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
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Daily Reports  Monday April 11 , 2011 05:28 GMT
Technical Precious Metals
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Gold


Weekly Report 11/04 – 15/ 04/ 2011

gold11

After breaching 1438.00 levels, the bullishness continued dominating the movements of the metal and breaching 1455.00 solidified this uptrend. Levels of 1455.00 represent 127.2% Fibonacci of CD leg of the bullish harmonic butterfly pattern. The entire upside wave from 1308.00 could form a potential AB=CD pattern inside the above seen ascending channel. Thereby, stability above 1455.00 supports the bullish trend; whilst stability above 1438.00 keeps the positivity intact. Technical targets are seen at 1495.00, followed by 1485.00.

The trading range for this week is among the key support at 1424.00 and key resistance now at 1510.00.

The general trend over the short term basis is to the downside targeting 1208.00 per ounce as far as areas of 1500.00 remain intact.

Previous Report



Support1468.001460.001455.001449.001445.00

Resistance1480.001485.001488.001495.001500.00

RecommendationBased on the charts and explanations above our opinion is, buying gold around 1468.00 targeting 1508.00 and stop loss with a four hour closing below 1455.00 might be appropriate.


Silver


Weekly Report 11/04 – 15/ 04/ 2011

silver1

Silver continued moving upwards after the daily closing was achieved above 39.25 zones. Now, we see how silver is dominated within upside channel with a resistance around 42.05 areas, while momentum indicators are showing overbought signs. In the interim, a break of 42.05 will be a very positive indication and thus, we will be neutral until the metal gives off a clearer sign to pinpoint the coming moves as risk versus reward ratio is too high.

The trading range for this week is among the key support at 38.20 and key resistance now at 45.00.

The general trend over short term basis is neutral  until we see how the metal will behave around 42.0542.30 zones.

Previous Report

 



Support41.3540.9540.6039.8539.25

Resistance41.8042.0542.5043.1043.60

RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.


 
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