Gold and silver technical report 14 sept 2011 : business desk chiefsworld

[CHIEFS WORLD]

The gold market continues to get raided and today's drop from 1833 to
1791 was yet another probe to lower levels. The recovery was strong
today as price made it back to the 1830 area on the close and as high
as 1840 during the day. The 1800 area is one of the two places where a
low could develop. There is stronger support at the 1702 green channel
line and the 1750-1760 area where the 34 day moving average resides

Currently experiencing some resistance below the 10 EMA (1838)and a
descending trend-line right now above at 1833. Even though the ST may
see a bit more bearishness below these levels. The MT picture is
looking better everyday. The more that price action coils between 1702
and 1920, the greater the upside potential will be with a near future
break-out to the upside


Silver - The upper momentum line continues to be resistance for silver
and the most important price line that needs to be over come.
Wednesday's pullback was once again right at the 34 day moving
averages on the lows but by the end of the day silver was once again
above the 41 area. A close below the 38.50 area is needed to turn the
short term trend down A daily close today under the 10 EMA (currently
41.34) will produce a bearish cross over in the 3/10/20 ribbon. Price
would need to close above the 20DMA (currently 41.54) to reverse this
bearish trend. Price action has tripped the neckline of a bearish HnS,
which was back-tested over night near 41.00. However, impulse moves to
the downside have yet to be seen. I would say that a daily close today
above the 10 EMA could be enough to cancel the bearish HnS ( Head and
Shoulder pattern ) pattern

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