Daily Technical Overview (GOLD) & (SILVER) (07. 05. 2012)

AUG GOLD


Resist: 1639.50-1643.40
Supprt: 1607.40-1605.80, 1587.80
Comment: The market is triggering a bull turn and projects rallies to attack congestion highs of the past months to try and kick off a larger retracement swing. Trade is lined up for rallies and powering a close over 1643.40 projects to key 1691.00* weekly resistance. If trade can not muscle through the 1630’s, then expect a reactionary dip back along 1600-, but a slip under Monday’s inside day low at 1587.80 is needed to drive selloffs to attack 1577.50* for a reversing downturn.


SEP SILVER


Resist: 28.42*, 29.10, 29.88
Supprt: 27.58, 27.19, 27.05*
Comment: The retracement rally into Tuesday’s close puts the market up around the key 28.42* resistance level and balance point between short term bull / bear trend forces. A close over 28.42* signals a reversal turn and projects climbing moves to likely punch over the 29.88 swing high. If trade is rejected around 28.42*, then we may see secondary dips. A close under 26.98* is needed to rekindle bear trend forces.