Gold: currently trading at 1636, expected trading range will
remain between 1560-1670. Gold made 1622.88 and nicely turned back from our
yesterday’s said support area. Yesterday we wrote till gold trading below 1703
it is likely to taste 1632-1620 zones and gold made 1622.30 for that trading
session. On short term time frame trend is still weak and gold is likely to
taste its long term trend line support that is around 1570-1560 zones. Intraday
very short term charts reached in oversold zones that are suggesting some
recovery can’t be ruled out till gold trading above 1620 for the day. Intraday
resistance seen at 1650 above 1650 will try to retest yesterday’s high that was
around 1677 and 1682 will remain key resistance above that closing on daily
basis would signal a short term
consolidation between 1600-1800.
Silver: Currently trading at 30.90; expected day trading
range will remain between 30.50-32. Yesterday silver nicely turned back from expected support of
30.50 after making a low of 30.55 where we were expecting 30.50 as key support
for silver, trend will remain down but due to over sold reading in technical indicators
suggesting a very short term recovery can’t be ruled out that may take it to
31.40-32. Key resistance will remain at 32.40 above that short term
consolidation expected between ranges of 30-35 otherwise silver is likely to
taste 29.60-28.60-26.70 in short to midterm.
Click here to read our USDX forecast that was posted on October 26, 2011 and now check dollar index it is nicely shooting up as per our expectations.
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