Posted by: joetradingplace | April 30, 2012

Daily Analysis (metals) 30/04

Gold

We had a bullish sentiment when price broke out of the blue TL, since then, bulls have been forming levels of support that hasn’t been broken to the downside, this shows that bulls are in control, if the minor S holds, price will keep moving high and we expect the high of last week to be broken. Also price has broken out of the red TL…so holdong above minor S will give us some confidence that the breakout is going to be sustainable.

Silver

As in Gold, we maintain a bullish sentiment, price has broken out of the Tl, so if it holds above the minor S, we will still maintain a bullish sentiment, but if the minor S breaks to the downside, we will have to consider it as a failed BO…and look for opportunities to short silver

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