from Sept. 05, 2011 to Sept. 09, 2011
Weekly Gold view: expected weekly trading range for gold is between 1800-2040, gold closed at 1881.95 after a sharp from its bottom of 1702 during this correction. We were expecting 1835 as a resistance for daily closing basis and 1860 on weekly closing basis and gold closed above 1860 on weekly basis now that is suggesting 1907 zones as a minor resistance zone. 2 consecutive closes above 1907 area on daily basis will confirm a fresh swing till 2035-40 zones for coming weeks. Immediate support seen at 1868 below 1868 may fall till 1845-40 that is looking very strong support zone a failure below 1840 zones may take it to 1810 and below 1810 very strong support at 1770. Up side only 1907 is a major resistance above that we will see 2035 level on cards.
Silver: expected weekly trading range for silver is between $41-48.50, closed at 43.24. Weekly expected hurdles are 44 and 45.50. Silver is moving in a rising trend channel on 240 minute time frame that is suggesting a primary rally up to 45.50 during this swing. A minor hurdle seen at 44$ is silver manage to hold above that level during the week then we will see a sharp upward move till 45.20-45.50 levels during the week. We can a struggle near $44 during the week but major resistance is only 45.50 zones for this rally. A close above 45.50 will indicate resumption of uptrend and then a major hurdle will be 48.50 zones for new life time highs. 41 level is looking very good immediate support a failure below 41 can neglect this bullish view during the week.
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