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Energy and Precious Metals Technical Analysis
Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Nov 06 12 02:18 ET

Silver

The price rebounded after testing the 50% Fibonacci correctional level at 30.75, meanwhile, the 200-days SMA resides at 30.30, in addition to another horizontal support around 29.70, where all form a cluster of support among 30.70-29.70 area. Accordingly, an upside rebound is possible within the upcoming period; however catching a falling knife may not be the best choice for now, therefore, we will wait for further confirmations .

The trading range for today is expected among the key support at 29.65 and key resistance at 32.50.

The short-term trend is to the upside with steady weekly closing above 26.00 targeting 50.00.

Support: 30.80, 30.25, 30.00, 29.65, 29.10
Resistance: 31.50, 32.45, 32.65, 33.25, 33.50

Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmation

Gold

Gold failed to breach and settle below 1675.00, which is a positive for price, while stochastic is providing strong oversold signals, however the metal has broken a key psychological barrier at 1700.0. and thus, we need to see a clear break back above 1700.00 to confirm any rebound. On the other hand, and to the downside, we prefer to wait for a break below 1675.00 before going with the flow. Accordingly, we shift from bearish to neutral for today .

The trading range for today is expected among the key support at 1660.00 and key resistance now at 1700.00.

The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1520.00 remain intact with a weekly closing.

Support: 1675.00, 1665.00, 1657.00, 1650.00, 1645.00
Resistance: 1685.00, 1700.00, 1707.00, 1715.00, 1725.00

Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmation

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