Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
U.S. MARKETS
EURO MARKETS
ASIA MARKETS
Daily Reports  Friday April 29 , 2011 04:55 GMT
Technical Precious Metals
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Gold


Morning Report

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gold29

The metal is fluctuating within a tight range but we see how the price is trending upwards, Momentum indicators are still pressuring the metal negatively but these overbought signs couldn't change the major bullish direction. The suggested Elliott scenario remains valid and stability above 1517.00 will bring more bullishness, potentially targeting 1556.00 zones.

The trading range for today is among the key support at 1500.00 and key resistance now at 1556.00.

The general trend over the short term basis is to the upside targeting 1600.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.

Previous Report

Weekly Report



Support1530.001523.001514.001505.001500.00

Resistance1536.001540.001545.001549.001556.00

RecommendationBased on the charts and explanations above our opinion is, buying gold around 1530.00 targeting 1546, followed by 1556.00, while the stop loss is a four hour closing below 1517.00 might be appropriate.


Silver


Morning Report

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silver29

Silver fluctuated aggressively yesterday after touching the awaited levels of 49.50 and then it declined again to stabilize around the same areas where we started yesterday's trading. Therefore, our bullish overview remains intact supported by the positive sign on Stochastic. At the same time RSI failed to breach the value of 70.00 and thus, we may reach 50.20 areas. This scnario will be confirmed with the stability above 47.85 areas.   

The trading range for today is among the key support at 44.85 and key resistance now at 52.10.

The general trend over short term basis is to the upside targeting 50.20 as far as areas of 42.10 remain intact with weekly closing.

Previous Report

Weekly Report



Support48.1047.7547.3046.8546.55

Resistance48.4548.9049.1549.5050.00

RecommendationBased on the charts and explanations above our opinion is, buying silver around 48.10 gradually targeting 49.50 and 50.25 , while the stop loss is a daily closing below 47.20 might be appropriate.


 
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