Saturday, January 29, 2011

Gold and Silver on 29-01-2011 (Sat)

2 Possibilities:

Possibility 1: Gold continue to go up to 1350 (50% retracement) and continue the dive.
  • From Intraday chart (30 mins), we observe a inner wave up and already hit 3L;
    Intraday Traders looking to long may long at 1328 SL 1322 TG 1340.
  • Reckon Gold to face resistance at 1350, do a slight correction before breaking higher;
    Intraday Traders looking to short may want to place a short at 1351 SL 1356 TG 1326.
Possibility 2: Bottom of 1307 on last Friday and intraday (30Min) reversal signals a trend reversal, Gold going to break above 1350 resistance, break higher, by end of the week Gold may probably settle at 1375-79.

Choose to do intraday trade for this week, for long term position trade, I would rather wait for Gold to break above 1350 first, close around 1380 to confirm the reversal.  Or to seek for intraday reversal again when Gold come to major support 1295-1280.

Summarize Support and Resistance:
R3: 1350
R2: 1365
R1: 1379

S1: 1326
S2: 1307
S3: 1295
S4: 1280

Pretty much resisted at double top 27.95-28.00 region.
From Friday's closing, reckon Silver to continue to go higher to 28.45-50 before correction take place.

If Silver being resisted at 28.00 (double top region) and turn down, we reckon Silver to find support at 27.30.

Stay out on Silver temporary, I'm still having a personal bias to short Silver.  I wished to Silver make a max pull up to 28.50 with a reversal candle on day chart, and to plunge to 25.82.

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