Gold and Silver Prices Are Still Hiking
23 February 2012 16:06:06 WIB
Gold
The gold price is hiking hit the level of 1781.50 which becomes initial resistance for the time being. Acceleration above that resistance is expected to capitalize the bullish momentum up to the range 1789.15 – 1797.70. Meanwhile, be alert of any possibility of a correction to the trendline area which is seen on the hourly chart. That area – as well as the support at 1761.8 – can be considered as reference to look for bullish signals.
However, be careful if the support at 1761.48 breaks, as it likely will turn the short-term bias to bearish aiming at 1749.10 or lower.
Silver
The silver price consistently remains in an uptrend as seen on the hourly chart. If the resistance at 34.60 broken, then the uptrend is expected to extend to the range 34.90 – 35.23. Even though a correction occurs to the trendline or support area at34.12, the short-term bias will remain bullish. Therefore, that support area can be considered as reference to look for bullish signals.
The short-term bias will turn to bearish if the support at 33.80 breaks. In that case, the bullish scenario mentioned above will fail because the silver price potentially will slip to the next support at 33.35.
