Friday, 24 February 2012

Gold + Silver

Spot Gold still hovering just under the 1800 Option area with very little action going on overnight considering the strong anti-USD moves seen across the board.
Daily Chart remains bullish with the previously mentioned target area of 1792.55 - 1802.54 attracting price.
At this point only a break and close under the daily 26 ema should generate further retracement toward the 200 Sma and 50% Fib area.













Spot Silver - Overnight saw a strong move higher out of the sideways consolidation zone and through the Daily 200 Sma. Similarly to Gold the ideal target of this move would be the 100.0 % Fib at 35.66 to the AB=CD target at 35.77.
Charts remain in a bullish mode and further gains may well be see on a strong close  above the 100 fib. At this stage only a failure at target and subsequent break and close under the 26 Ema would have us looking at a retracement   toward the 50% Fib at 30.90.


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