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Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
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Daily Reports  Monday August 22 , 2011 06:02 GMT
Technical Precious Metals
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Gold


Weekly Report 22/08 – 26/ 08/ 2011

 

Gold is currently approaching the previous short term detected technical objective of 1888.00, confirming the impulsive nature that dominates the current trend. The provided four hour graph shows the internal structure of the internal fifth wave discussed in the daily studies several times before. To recap, the bullishness is still favored during this week, supported by the positivity appearing on trend indicator-AROON-. As for momentum indication, RSI 14 will be in need for some kind of relief sooner or later as it is presently valued at 81.00. Technical targets reside at 1945.00-1946.00, where 161.8% Fibonacci projection of the internal third wave exists.     

The trading range for this week is among the key support at 1800.00 and key resistance now at 1945.00.

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

Eye On Gold



Support1868.001853.001835.001825.001815.00

Resistance1888.001900.001910.001923.001945.00

RecommendationBased on the charts and explanations above our opinion is, buying gold around 1868.00 targeting 1945.00 and stop loss below 1825.00 might be appropriate.


Silver


Weekly Report 22/08 – 26/ 08/ 2011

silver22

 

Our bullish expectations during the past week were achieved; however, the bearish butterfly harmonic pattern failed to stop silver’s bullish momentum, where with the start of a new week, the metal breached 61.8% Fibonacci correction as shown above, supporting the possibility of forming new harmonic structure, which could assist the metal to reach 45.84 and then 47.60. The suggested structure is close to a Bat harmonic pattern, while we will track the metal’s movement during the suggested upside move to complete the pattern. Momentum indicators are within overbought areas, which could affect the upside move sharply.

The trading range for today is among the key support at 39.75 and key resistance now at 46.85

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

Previous Report



Support43.2542.9542.7042.1541.70

Resistance43.8544.3544.8045.0045.85

Recommendation Based on the charts and explanations above, we recommend buying silver around 42.75 and take profit in stages at (44.35 and 45.85) and stop loss with daily closing below 41.70 might be appropriate.


 
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