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Main » Articles » Currency trading

Technical Precious Metals Report
Gold

To get the latest report click here.

 

Morning report

 

 

The recent established Elliott wave cycle as seen on the above four-hour chart is clarifying that the 2nd internal wave of the bigger fifth might have been bottomed out at 942.00 zones. Now  the metal is preparing for an upside movement supported by the short term double bottom appearing on the secondary image. This anticipated uptrend will be treated as the third internal wave. Note that the whole bullishness will be confirmed with a break of 964.00.

 

 

The trading range for today is among the key support now at 925.00 and key resistance now at 996.00.

 

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support952.00945.00940.00935.00925.00
Resistance956.00963.00974.00985.00996.00
RecommendationAccording to our analysis, buy gold at 952.00 with targets at 970.00 and stop loss at 937.00.
Silver

To get the latest report click here.

 

Morning report

 

 

Silver succeeded to form the previous awaiting long white candlestick yesterday, approaching our defined first target. Now it's building a new technical base to resume its bullishness via forming a [BAT] harmonic pattern above the pivotal support zones of 14.78. The eventual upside target is pointing at 16.10 which represents the completion of the short term pattern. Note that a very slight correction is needed before activating this positive scenario.

 

The trading range for today is among the key support at 14.60 and key resistance now at 16.10.

 

The general trend is to the upside as far as 10.95 remains intact with targets at 16.85.

Support15.2515.1515.0314.9214.80
Resistance15.4015.5215.6415.7715.89
RecommendationAccording to our analysis, buy silver at 15.25 with targets at 15.75 and stop loss at 14.80.
Category: Currency trading | Added by: forex-market (2009-06-12)
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