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Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Thu Jul 21 11 02:57 ET Gold Just two dollars separated between the metal and the sensitive level of 1578.00 which represents 23.6% Fibonacci retracement of the CD leg for the bearish harmonic butterfly pattern. Areas around 1580.00 succeeded in pushing gold to soar towards the psychological level of 1600.00 once more, but we still need to witness a sustained breakout above 1607.00-1609.00 areas to make sure that the pattern will be turned into :Deep Crab" pattern as we discussed in the previous report. In the interim, breaching through yesterday's recorded low will weaken 1578.00 and will clarify that the metal is under the negative pressure of Butterfly pattern. Therefore, we will remain neutral for the time being; noting that, staying aside is a position in such cases of huge fluctuation. The trading range for today is among the key support at 1562.00 and key resistance now at 1635.00. The general trend over the short term basis is to the upside, targeting $ 1694.00 per ounce as far as areas of 1430.00 remain intact with weekly closing. Support: 1595.00, 1585.00, 1578.00, 1572.00, 1565.00 Resistance: 1607.00, 1615.00, 1627.00, 1635.00, 1650.00 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

Silver Stability above 39.10-60 was an evidence for ending the slight downside correction in the past week. Observing the chart above, we find the pair is stable above 38.2% Fibonacci correction at 39.10 shown above, and according to Fibonacci rules, consolidation above this correction suggests retesting the 50% Fibonacci correction, especially after the pair stabilized above the ascending support shown in blue above. Therefore, we conclude that any trading above 39.00-10 supports the suggested upside move, which could lead the pair to retest $41.05 per ounce. The trading range for this week is among the key support at 37.00 and key resistance now at 42.50. The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Support: 39.10, 38.40, 38.00, 37.45, 37.00 Resistance: 40.20, 40.70, 41.05, 41.55, 41.85 Recommendation Based on the charts and explanations above our opinion is buying silver around 39.10 and take profit in stages at 40.20, 41.05, and stop loss with 4-hour closing below 38.40 might be appropriate this week

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Mon Jul 18 11 03:20 ET Gold The provided daily graph shows that the metal IM wave that started at 680.00 zones is still in progress, where we believe that the internal fourth of the extended fifth wave has been placed at 1476.00 areas. Thus; the bullishness may continue during this week, mainly targeting 1627.00 zones, followed by the psychological level of 1650.00, subsequently 1694.00 areas over upcoming sessions where 161.8% Fibonacci projection level of the internal third wave exists. The IM -impulsive- wave is supported by the positive sign on AROON and stability above SMA 50 -trend indicators- while Stochastic may cause a slight correction before resuming the upside rally. The trading range for this week is among the key support at 1529.00 and key resistance now at 1661.00. The general trend over the short term basis is to the upside targeting 1694.00 per ounce as far as areas of 1430.00 remain intact with weekly closing. Support: 1589.00, 1574.00, 1562.00, 1558.00, 1552.00 Resistance: 1600.00, 1607.00, 1625.00, 1635.00, 1650.00 Recommendation Based on the charts and explanations above our opinion is, buying gold around 1589.00 targeting 1650.00 and stop loss below 1558.00 might be appropriate.

Silver Yesterday's predications were achieved flawlessly since the four hour closing above 36.75 has taken the metal towards 38.25 zones. Now, we are facing two harmonic probabilities of AB=CD pattern. The PRZ of the first pattern reside at 38.25; while the second reside at 39.00-39.10 zones. Momentum indicators reflect overbought case supporting the first probability. Note that a four hour closing above 39.10 will bring another aggressive upside wave and our bearish expectations are based on witnessing a correction due to the aforesaid technical factors until the price behaviors proves the opposite. The trading range for today is among the key support at 34.35 and key resistance now at 38.00. The general trend over short term basis is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Support: 37.60, 37.45, 37.10, 36.75, 36.35 Resistance: 38.25, 38.90, 39.10, 39.75, 40.20 Recommendation Based on the charts and explanations above our opinion is, selling silver around 38.10 gradually targeting 37.60,37.10 and 36.75 , while the stop loss is a four hour closing above 39.10 might be appropriate.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Thu Jul 14 11 03:10 ET Gold After achieving yesterday's expected bullishness which was confirmed by breaching 1558.00 zones, gold recorded new historical highs. Actually, momentum indicators have been pushed towards overbought areas. In the interim, price came beneath the resistance of the ascending channel, closing below the upper line of Bollinger bands. Those signs suggest potential downside recovery targeting the middle line of Bollinger around 1562.00 and probably will extend towards the support line of the channel at 1556.00 before resuming the bullish direction, targeting 1600.00-1607.00 areas. The trading range for today is among the key support at 1545.00 and key resistance now at 1615.00. 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. Support: 1575.00, 1562.00, 1556.00, 1550.00, 1545.00 Resistance: 1588.00, 1600.00, 1607.00, 1615.00, 1629.00 Recommendation Based on the charts and explanations above our opinion is, buying gold around 1562.00 gradually targeting 1588.00, 1600.00 and 1607.00, while the stop loss is a four hour closing below 1545.00 might be appropriate.

COMEX Gold Continuous Contract Last 1588.2 Change + 2.7 Change % +0.2% Open 1584.2 High 1590.8 Low 1582.1 Last Updated: Jul 14 01:45 GMT

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Wed Jul 13 11 03:04 ET Silver We have discussed in our previous report that 34.76 level would define the next move and we see how the bearish effect of the harmonic pattern has been limited around it where the second technical objective of the pattern exists. From those levels, the metal bounced after achieving a huge part of this week's expectations. This bounce occurred after retesting the previous broken resistance for the downside channel-turned into support-. The metal stabilized once again above 36.35 which may confirm a bullish wave, but Stochastic reflects overbought case attempting to move downwards. Since the price is below the 36.35 and above 35.60, we will be neutral during the morning session until we make sure that the harmonic structure's effect is over. The trading range for today is among the key support at 34.35 and key resistance now at 38.00. The general trend over short term basis is to the downside, targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Support: 36.00, 35.76, 35.60, 35.00, 34.76 Resistance: 36.35, 36.75, 37.00, 37.45, 37.85 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Wed Jul 13 11 03:04 ET Gold Stability above 1558.00 has completely damaged the harmonic 5-0 pattern discussed yesterday. Although, it is a bullish pattern but we should witness a downside correction before moving higher. After this failure, we will look at the ascending channel that dominated the movements from 1477.00 zones to present levels. This bullish channel has support line meeting SMA 20 as seen on the graph. But, momentum indicators are showing clear overbought signs and that may cause correction downside wave. Stability above 1550.00-1562.00 makes the bullishness valid; whilst a break of 1548.00 may damage the bullish wave temporarily. The trading range for today is among the key support at 1538.00 and key resistance now at 1608.00. 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. Support: 1562.00, 1558.00, 1550.00, 1548.00, 1540.00 Resistance: 1575.00, 1580.00, 1585.00, 1600.00, 1607.00 Recommendation Based on the charts and explanations above our opinion is, buying gold around 1558.00 gradually targeting 1575.00, 1585 and 1600.00, while the stop loss is a four hour closing below 1545.00 might be appropriate

Silver The metal fluctuated yesterday ending the day with big collapse which confirmed the bearish harmonic formation. Now, silver is trading below 36.35 zones; whilst RSI is stable below 50.00 supporting the bearish anticipations. Stochastic reflects oversold case suggesting more fluctuation, but stability below 36.35 zones makes the bearishness in favor. To conclude, the metal may retest 35.60 zones once more before moving to the dowside towards 34.76 areas. The aforesaid corrections are 38.2% and 61.8% of CD leg. The trading range for today is among the key support at 33.30 and key resistance now at 37.45. The general trend over short term basis is to the downside, targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Support: 35.60, 35.00, 34.76, 34.35, 33.90 Resistance: 35.90, 36.35, 36.75, 37.00, 37.45 Recommendation Based on the charts and explanations above our opinion is, selling silver around 35.90 gradually targeting 35.60 and 34.76 , while the stop loss is a four hour closing above 36.75 might be appropriate.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Tue Jul 12 11 03:04 ET Gold Yesterday's incline has been limited below 1558.00 zones which represent the extreme extent of the BC leg for the harmonic 5-0 pattern. The CD leg should start following the BC leg and we know that the CD leg retraces towards 50% of BC leg in the typical cases. Henceforth, areas of 1517.00 could be touched later, noting that 1558.00 should hold to keep the bearishness valid. The trading range for today is among the key support at 1517.00 and key resistance now at 1580.00. 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. Support: 1545.00, 1538.00, 1526.00, 1517.00, 1508.00 Resistance: 1550.00, 1558.00, 1562.00, 1565.00, 1575.00 Recommendation Based on the charts and explanations above our opinion is, selling gold around 1550.00 gradually targeting 1538.00, 1526 and 1517.00, while the stop loss is a four hour closing above 1558.00 might be appropriate

Silver Silver is presently hovering around the PRZ of the suggested Bat pattern and momentum indicators shows that the pattern has been completed. Stability below 36.35 suggests a bearish direction over intraday basis. Conversely, if we witnessed a four hour closing above 36.75 the second scenario of CRAB with D2 will be our scenario. The trading range for today is among the key support at 33.90 and key resistance now at 37.85. The general trend over short term basis is to the downside, targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Support: 35.90, 35.20, 35.00, 34.70, 34.35 Resistance: 36.35, 36.75, 37.00, 37.45, 37.85 Recommendation Based on the charts and explanations above our opinion is, selling silver around 36.15 gradually targeting 35.20 and 34.50, while the stop loss is a four hour closing above 36.75 might be appropriate.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Thu Jul 07 11 02:49 ET Gold It seems that a harmonic 5-0 pattern possibility since the bullishness was clear. The BC leg is in progress which is the bigger leg where the C point should reside at 1536.00 or 1558.00 zones. Those levels are 161.8% and 224% projection of AB leg, while 200% is seen at 1550.00 as seen on the provided graph. We believe that the bullishness will continue towards the aforesaid levels, but this bullishness will be followed by 50% retracement of BC leg. The trading range for today is among the key support at 1488.00 and key resistance now at 1536.00. 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. Support: 1523.00, 1513.00, 1505.00, 1492.00, 1488.00 Resistance: 1532.00, 1536.00, 1545.00, 1550.00, 1558.00 Recommendation Based on the charts and explanations above, the bullishness is in favor but we are forced to stay aside since risk versus reward ratio is too high.

Silver Until this moment, we didn't see stability with a four hour closing above 35.65; thus, the bearishness is still valid despite the harmonic structure used during the previous period became weaker. Silver is very close to the main resistance line; whilst momentum indicators reflect obvious overbought case. Therefore, the bearishness may dominate the movements once more if the metal came below 35.00-34.70 zones. Conversely, breaching 35.65 with a four hour closing will weaken the bearish predictions and breaching 36.65 will cancel it out. We will be neutral watching out the price behaviors around 35.65. The trading range for today is among the key support at 33.90 and key resistance now at 37.75. The general trend over short term basis is to the downside, targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Support: 35.00, 34.70, 34.35, 33.90, 33.60 Resistance: 35.90, 36.15, 36.35, 36.80, 37.00 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Wed Jul 06 11 02:58 ET Gold Gold inclined aggressively yesterday taking the metal above 1505.00 zones. The bearish effect of the harmonic pattern which dominated the wave form 1558.00 to 1477.00 becomes weaker. Now, the metal is attempting to breach 1516.00 zones which could define the next move. We know that it is earlier to discuss the harmonic probability of forming the bullish harmonic 5-0 pattern but the signs if this pattern started to appear where 1536.00 could be tested and may be 1558.00 to form the BC leg. Momentum indicators reflect overbought case making it difficult to surpass A point. Thereby, we prefer staying aside over intraday basis until a clearer sign appears to pinpoint the next big move. The trading range for today is among the key support at 1488.00 and key resistance now at 1536.00. 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. Support: 1513.00, 1505.00, 1500.00, 1492.00, 1488.00 Resistance: 1516.00, 1525.00, 1532.00, 1536.00, 1545.00 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Fri Jul 01 11 03:52 ET Silver Silver came back below SMA 50 and below the support of 34.70. Stochastic is negative, while MACD shows signs weakness clarifying that price explosion will start sooner. Thereby, we will be neutral for today until price stabilizes above or below SMA 50 within the descending channel since we need to witness signs for a new direction on MACD. The trading range for today is among the key support at 33.30 and key resistance now at 36.00. The general trend over short term basis is to the downside, targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Support: 34.35, 33.90, 33.60, 33.30, 33.10 Resistance: 34.70, 35.00, 35.65, 36.00, 36.15 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Fri Jul 01 11 03:52 ET Gold The daily chart shows that gold has come back into trading range between 61.8% and 76.4% Fibonacci retracement of CD leg for the bearish harmonic structure. Coming beneath 61.8% at 1505.00 has negated yesterday's expected bullishness. Now, Stochastic is showing positive tendency; whilst RSI is fluctuating below 50.00; thus, we prefer staying aside over intraday basis. The trading range for today is among the key support at 1492.00 and key resistance now at 1525.00. 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. Support: 1500.00, 1492.00, 1488.00, 1480.00, 1477.00 Resistance: 1505.00, 1510.00, 1516.00, 1525.00, 1532.00 Recommendation: Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

China's Long-term Gold Demand Remains Robust ONG Focus | Insights | Written by Oil N' Gold | Wed Jun 29 11 08:57 ET Commodities remain strong in European session as the euro advances and the US dollar weakens. Gold climbs for a second consecutive day and is currently trading at a 3-day high of 1510.5. As of June 28, gold gained around +5% in 2Q11, significantly underperforming the +12% rally the same period last year. Recall that sovereign crisis in the European periphery sparked in the second quarter in 2010 and this drove investors to seek safe-haven investments. Gold rallied as a result. Failure to repeat the history this time probably indicates investors are more confident that the situation will be contained and they realized the cases for Spain and Italy are fundamentally different from the one in Greece. While short-term volatility is likely, we believe gold will gain support at around 1500. China has now surpassed India as the biggest gold consumer. Yet, these 2 countries will remain the biggest growth drivers. According to the World Gold Council, there's a 'tidal wave of gold demand coming' mainly from emerging markets. Similar to India, gold has a special appeal to Chinese people as it represents luck and fortune. Apart from traditional beliefs, heightening inflation pressure in China has also increased gold's demand as a hedge against inflation. Headline inflation jumped to +5.5% y/y in May after moderating to +5.3% a month ago. Core inflation was also worrisome as it soared +2.9% y/y, accelerating from +2.7% in April. China is the world's 6th largest gold holder in terms of total amount. However, at 1054.1 tonnes, it only takes up 1.6% of total reserves. Indeed, the Chinese government realized the need of increasing gold reserves. In the 2010 International Financial Market Report released in March, the PBOC expressed positive views on gold demand and signaled that investment demand will be supported by inflation and geopolitical uncertainties. Besides, industry experts have stated that persistent sovereign debt problems in the European periphery should boost gold purchases. Zhang Bingnan, secretary-general of the China Gold Association, said the government's gold reserves are 'far from enough'. Moreover, 'demand for gold, mostly driven by investment, will grow at least 20%...Enthusiasm for gold as an investment will get stronger, and domestic sales in this category will keep doubling in the next 2 years'. On the dataflow, Eurozone's confidence indices were mixed. Economic confidence slipped to 105.1 in June from 105.5 in the prior month and industrial confidence dipped -0.6 points to 3.2. While staying in negative territory, consumer confidence improved modestly to -9.8 in June from -10 in May. Services confidence also rose to 9.9 from an upwardly revised 9.3 in May. In Canada, inflation accelerated with headline CPI rising to +3.7% y/y in May from +3.3% in April. Core CPI also accelerated to +1.8% y/y in May from +1.6% a month ago. In the US, the market expects pending home sales to have climbed +0.8% m/m in May, following a -11.6% contraction in the previous month.

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Silver We are forced to reconsider our suggested Elliott count since stability above 34.35 has weakened yesterday's discussed harmonic pattern. We will use the classical studies today until the metal introduces an actionable Elliott or harmonic sign where we can see a bearish channel with stability above SMA 50 at 34.85, Furthermore, price is stable above the support of 34.70 but Stochastic shows overbought sign and MACD attempts o be positive without clear confirmation. Therefore, we will be neutral for today until we get a clearer technical sign. The trading range for today is among the key support at 33.30 and key resistance now at 37.45. The general trend over short term basis is to the downside, targeting 26.65 as far as areas of 48.50 remain intact with weekly closing. Support: 35.00, 34.70, 34.35, 33.90, 33.60 Resistance: 35.65, 36.000, 36.35, 36.80, 37.45 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Thu Jun 30 11 02:55 ET Gold The trading range for today is among the key support at 1492.00 and key resistance now at 1549.00. 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. Support: 1510.00, 1505.00, 1500.00, 1492.00, 1488.00Resistance: 1516.00, 1525.00, 1532.00, 1537.00, 1545.00

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Wed Jun 29 11 02:53 ET Gold Yesterday's incline is still trapped between 61.8% and 76.4% of CD leg for the harmonic structure that could be a bearish Bat pattern. Trading between 1505.00 and 1492.00 makes the sideways dominating the movements for the time being. We will be neutral for today until we get clearer technical signs. The trading range for today is among the key support at 1474.00 and key resistance now at 1532.00. 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. Support: 1492.00, 1488.00, 1480.00, 1477.00, 1474.00 Resistance: 1505.00, 1513.00, 1525.00, 1532.00, 1537.00 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Tue Jun 28 11 02:52 ET Gold Trading is trapped between 61.8% and 76.4% Fibonacci retracement levels of CD leg for the harmonic structure as seen on the image at 1505.00 and 1492.00. The sideways direction between those levels makes the trend unclear despite RSI providing oversold signs. Stochastic is moving positively but it approaches overbought areas gradually. Henceforth, we prefer staying aside over intraday basis. The trading range for today is among the key support at 1474.00 and key resistance now at 1532.00. 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. Support: 1492.00, 1488.00, 1480.00, 1477.00, 1474.00 Resistance: 1505.00, 1513.00, 1525.00, 1532.00, 1537.00 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

Technical Analysis for Precious Metals Analysis | Commodity Technical Analysis | Written by ecPulse.com | Mon Jun 27 11 03:00 ET Gold Gold slipped violently towards 61.8% of the suggested harmonic structure. This harmonic formation could be Gartley pattern and also very close to be Bat but it couldn’t reach 1563.00 to confirm the Bat and couldn't stabilize below 1549.00 to confirm the first shape. Actually, this harmonic formation was efficient enough to push the metal lower below 61.8% at 1505.00. Thus, the path is cleared towards 76.4% of CD leg at 1492.00 which will define the direction for this week. Momentum indicators reflect clear oversold signs contradicting with the bearish tendency and therefore, we prefer staying aside until we see how the metal will behave between 1505.00 and 1492.00. The trading range for this week is among the key support at 1462.00 and key resistance now at 1549.00. 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. Support: 1492.00, 1488.00, 1480.00, 1477.00, 1474.00 Resistance: 1505.00, 1513.00, 1525.00, 1532.00, 1537.00 Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.

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