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Friday, March 22, 2013

Gold&Silver Market Update

GOLD CHART
Gold has resistance at that red line near 1611. That line has been resistance since yesterday as it keeps coming down.  Gold has been trying to get above it for over 24 hours now.  The low today at 1602 is on a support line as well.  So right now the market is in a neutral zone between 1602-1611.  We’ve got to get above that red line for further upside potential.  If we do then resistance becomes 1625-1630.  Additional support is the lower lines at the 1592-1599 area. Weekly support is 1575 area.
In summary, the short term trend is still up but needs to break above that resistance line near 1611.  A close below 1585-1590 would neutralize the short term uptrend.  A lot will depend on what happens on the Cyprus situation this weekend for all markets.
SILVER CHART
Silvers price pattern doesn’t look good and that’s what worries us on metals.  It had a chance to breakout yesterday above 29.40-29.60 but couldn’t deliver.  The pullback to 28.50 today was right on an important channel line.  The one at 28.20 is very important and if we close below that line, it would add another level of bearishness for silver.  We’ve got to get above 29.40 and then challenge the 29.80 area where dual lines are crossing.  In summary, silver remains neutral and giving a lot of bearish overtones with that failure to get above 29.40 on Thursday.
Anything below 27.90-28.10 would be bearish on short term silver.

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GOLD CURRENT TRADE

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Our Position 
Bought 1Apr Gold on 20/03/2013
Entry: 1605
Stop Loss: 1585
Target to sell --- Sell 1 April Mini gold at 1633
Resistance 1619-1622 and then 1630-1635
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SILVER CURRENT TRADE

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Our Positions 
Bought 1May Silver on 21/03/2013
Entry: 29.15
Stop Loss: 28.30
Target
Sell 1 May Silver 30.30
Bought 1May Silver on 22/03/2013
Entry: 28.60
Stop Loss: 28.30
Target
Sell 1 May Silver 30.30
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Keep watching 
over the weekend for the latest developments about Cyprus crisis.

 

YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 
 Do your own due diligence. 
No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend. 
 King Regards
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