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Is Bearish Cycle Ended In Precious Metals..?

Is Bearish Cycle Ended In Precious Metals..?

Spot gold trading near day high 1616.11 a troy ounce with +1.50% higher than its previous close. Gold was moving higher in Asia Tuesday after an inconclusive election in Italy raised concern about political stability. Gold fell below $1,600/oz last week after the Fed's January meeting minute's revealed growing disagreement about the stimulus program. Today gold 13th April future opened at 1593.60 after created intra day low 1583.80 when high at 1608.70 and recently trading above 1616.11. Cheek my last article (20 February) headline "Be Careful! Gold May Touch Once Again 1609.95 And 1620.99 With Short Covering" same that gold achieved our target 1609.95 and currently trading near 1620.99.

Gold 2 Year Technical Chart With Icchimoku Pointer

Gold trading above 5 days EMA 1590.95.and SMA 1583.54.Gold future creates on 2 years technical chart a format of head and shoulder in an up trend it indicate that gold bearish trend will continue below crucial resistance 1626.51. You can see 1657.88 and 1684.79 if gold cross 1626.51 and give close on it. According to IC indicator on 2 years chart, if gold break near crucial support 1582.67 and give close in it so below level can be 1564.71 and 1547.56

Using Keltner channels on chart gold Heavy downward move may start below 1571.24. If gold constant give 2 day close below 1571.24 then it can touch 1547.56 in medium term. 1626.51 And 1582.67 is key levels of gold for short term trend.

  • Day Traders Should Follow The Levels Given Below:
  • -->Bullish Trend - 1626.51 - 1657.88 - 1684.79
  • -->Bearish Trend - 1582.67 - 1564.71 - 1547.56-

Silver trading higher after Federal Reserve Chairman Ben Bernanke strongly defended the U.S. central bank's bond-buying stimulus before Congress on Tuesday, saying that the bank sees little risk of higher inflation in the near term Silver is currently trading above its psychological level $29 with increase 0.30%. Silver opened around 29.04 after created low 28.61 and high 29.48

Silver future creates on semiannual chart a format of rising wedge in an up trend it indicate that silver bearish trend will continue below its crucial resistance of 50 days MA 29.82. You can see 30.73 and 31.54 if silver cross 29.82 and give close on it. Trader makes short position around 29.65 for target 28.71 and 28.22 with strict SL 29.82.

IC indicator indicated that silver can go below 28.30 once again. Today silver hold 10 days SMA and EMA. If silver break 28.96 and give close in it so you can see target below 28.71 and 28.22. Silver 38% retracement completes at 29.76 its signal that silver short may touch 29.76 with short covering.

  • Day Traders Should Follow The Levels Given Below:
  • -->Bullish Trend - 29.82 - 30.73 - 31.54
  • -->Bearish Trend - 28.96 - 28.71 - 28.22-