Intraday Bias Remains Bullish for Gold and Silver
21 February 2012 16:00:28 WIB
Emas/Gold
In general, intraday bias remains bullish for gold until now. We will be watching the resistance at 1743.10 because if it breaks then the gold price possibly will rise up to the range 1749.32 – 1756.23. Our preference is bullish for now, but on the other hand we can see that the hourly stochastic and CCI are overbought. We will be watching whether there will be bearish signals from both of the indicators before the resistance mentioned above breaks. In that scenario, intraday correction might occur to the support area at the range 1736.94 – 1730.05.
However, the intraday bias will remain bullish as long as the support at 1730.05 remains intact. Therefore, the range 1736.94 – 1730.05 can be considered as reference to look for bullish signals. The bias will turn to bearish only if the support breaks with expectation to the range 1723.21 – 1717.00. Therefore, the bullish scenario mentioned above must be aware of the possibility of a break of the support.
Perak/Silver
Silver is testing the resistance at 33.98 where acceleration above it is expected to be followed by bullish move to the range 34.03 – 34.24. There is a possibility for a correction to the support area at the range 33.35 – 33.65 as hourly stochastic and CCI are overbought.
Since the bias will remain bullish as long as the support at 33.65 remains intact, the range 33.35 – 33.65 can be considered as reference area to look for bullish signals. However, the bullish scenario mentioned above will fail if that support breaks. In that case, the bias will turn to bearish and likely will repress the silver price to the next support at 33.05.
