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Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
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Daily Reports  Monday April 18 , 2011 07:57 GMT
Technical Precious Metals
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Gold


Weekly Report 18/04 – 22/ 04/ 2011

gold18 

Gold inclined sharply during the previous three days, achieving our suggested bullish scenario. Now, we can see how the metal is still trading positively, affected by the harmonic pattern seen above. This harmonic formation consists of the harmonic butterfly pattern with extended targets and AB=CD pattern which we believe that the metal is achieving its CD leg. Thereby, more bullishness could be witnessed during this week, noting that the price behaviors should be watched out very carefully around 1494.00 and 1508.00 as a breakout above these levels will send gold higher towards 1523.00, followed by 1547.00, where 224% and 261.8% projections levels of CD leg of AB=CD  exists. On the other side, if it failed to maintain levels above 1508.00 then this level will act the role of PRZ for the harmonic pattern since it is a bearish pattern.

The trading range for this week is among the key support at 1438.00 and key resistance now at 1547.00.

The general trend over the short term basis is to the downside targeting $1208.00 per ounce as far as areas of 1508.00 remain intact.

Previous Report



Support1480.001474.001468.001460.001455.00

Resistance1488.001494.001500.001508.001523.00

RecommendationBased on the charts and explanations above our opinion is, buying gold around 1485.00 gradually targeting 1500.00 followed by 1523.00 and stop loss with a daily closing below 1468.00 might be appropriate.


Silver


Weekly Report 18/04 – 22/ 04/ 2011

silver18

Silver continued its upside move but the price is currently trading around the major resistance of our caught ascending channel. Meanwhile, the probability of placing a top for the fifth wave of the IM wave increased since momentum indicators are showing clear overbought signs. Moreover, there is a gap occurred with the opening and it might be covered. We need to witness stability below 42.50 to confirm our proposed bearish outlook.

The trading range for this week is among the key support at 40.20 and key resistance now at 34.63.

The general trend over short term basis is neutral until we see how the metal will behave around 42.05-42.30 zones during this week.

Previous Report



Support43.0042.8542.6542.5042.05

Resistance43.3543.6844.1544.6345.50

RecommendationBased on the charts and explanations above our opinion is, selling silver around 43.25 gradually targeting 42.50, 41.80 and 40.60 , while the stop loss is a daily closing above 44.63 might be appropriate.


 
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