Weekly Report 19/04 -23/ 04 / 2010
The metal succeeded in proving that, the IM structure has been completed and the correction started via breaching the uptrend line of the inclines that started from 16.50 to 18.50 zones. Now, slight upside movements could occur to form wave B before resuming the possible bearish rally during this week, supported by the negative pressure of SMA 50 and the bearish candlestick structure of the daily basis-secondary image-.
The trading range for this week is among the key support at 16.65 and key resistance now at 18.40.
The general trend over the short term basis is to the downside, targeting $ 13.60 per ounce as far as areas of 19.40 remain intact.
Previous ReportSupport17.5517.4017.3517.2517.18Resistance17.7017.7717.8017.9518.05RecommendationBased on the charts and explanations above our opinion is, selling from 17.80 targeting 16.70 and stop loss above 18.40 might be appropriate.