Gold and Silver on Mon 28-Feb-2011

Gold 28-Feb-2011 week:

Suspect Gold to trade in consolidation range 1418-1393, current price 1411 is toppish with resistance capped at 1419, breaking above this point will lead to 1430.

Current Support 1400,
Support2: 1392.
Breakout point to the bottom: 1389 (this will be the level for my SL if I were to Long).

For short trade, suggest to short when market comes to 1419 with reversal sign.
Prefer to pick long after the correction :)

Silver

Short view, bearish sentiment based on weekly reversal pattern + daily reversal at recent high 34.326 cents, current resistance 33.768 cents.

Would this week form a new high slightly above 33.768? Prefer to short at 33.80 region SL 34.20-34.40 (40 cents) with reversal pattern on intraday chart looking forward to 31.84 target.

Breaking above previous high 34.326 uptrend will continue to 35.80.