gold
The metal was able to build a solid base around the 61.8% correction at 890.60 for the downside trend that started on July 15, 2008 and ended on September 11, 2008. Today this level will be the pivot point for movements where trading above it will assure the bullish movements in an attempt to retest the resistance level around 914.20 yet if it fails to maintain the momentum we will witness downside movements taking the metal to the 50% correction at 860.90. Momentum indicators are mixed yet direction indicators are pointing to the upside as our targets will be between the 909.60 and 914.20 levels.
The trading range for today is among the key support at 850.75 and the key resistance at 918.30
The general trend is to the upside as far as 730.00 remains intact with targets at 983.00 and 1016.00
| Support | 879.50 | 870.95 | 866.40 | 860.90 | 850.75 |
| Resistance | 898.40 | 904.85 | 908.60 | 909.60 | 918.30 |
| Recommendation | ... | ||||
silver
We are still witnessing sideways movements by the metal with tendency to the upside since the 12.90 level was breached which is the key resistance for the downside trend where the metal was able to reverse to the upside. We expect the continuation of the upside trend as it adjusts from the neutral trend perhaps taking us to 13.84-13.90 at the very least.
The trading range for today is among the key support at 12.50 and the key resistance at 14.10
The general trend is to the downside as far as 18.30 remains intact with targets at 12.50 and 10.50
| Support | 13.10 | 13.00 | 12.90 | 12.75 | 12.50 |
| Resistance | 13.55 | 13.85 | 13.90 | 14.10 | 14.20 |
| Recommendation | ... | ||||