Gold
Weekly Report 15– 19 / 03 / 2010
The mixture between the harmonic and classical studies proved that, gold is moving inside a bearish channel which manages the descending movements of the bearish harmonic butterfly, seen on the weekly chart. Actually, gold has activated our bearish speculation during the past week, closing below 1115.00 zones and thus a bearish engulfing candlestick pattern was created. Henceforth, further bearishness could be seen during this week.
The trading range for this week is among the key support at 1044.00 and key resistance now at 1162.00.
The general trend over the short term basis is to the downside, targeting $ 1025.00 per ounce as far as areas between 1225.00 and 1249.00 remain intact.
Previous Report
Eye on gold-click here-.
| Support | 1098.00 | 1092.00 | 1085.00 | 1074.00 | 1065.00 |
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| Resistance | 1109.00 | 1115.00 | 1122.00 | 1132.00 | 1137.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling gold from 1109.00 targeting 1065.00 and stop loss above 1144.00 might be appropriate. |
Silver
Weekly Report 15– 19 / 03 / 2010
Silver has closed negatively, seen on the bearish structure of the candlesticks for the daily chart. Thus, we believe that the bearish pressure of the negative harmonic AB=CD pattern might continue during this week, particularly if the metal succeeded in breaching the harmonic uptrend line. AROON up-colored in green- has penetrated the value of 70.00, supporting our scenario.
The trading range for this week is among the key support at 15.60 and key resistance now at 18.30.
The general trend over the short term basis is to the downside, targeting $ 13.60 per ounce as far as areas of 19.40 remain intact.
Previous Report
| Support | 16.90 | 16.77 | 16.65 | 16.55 | 16.45 |
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| Resistance | 17.05 | 17.18 | 17.25 | 17.40 | 17.55 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling silver from 17.10 targeting 15.90 and stop loss above 17.95 might be appropriate. |