Best Financial Markets Analysis Article The week ended with gold and silver closing near or at their highs for the week, with silver slightly outperforming gold.

The following charts illustrate the short term picture for both gold and silver:

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Gold and silver remain in their short term uptrends. Gold would have to trade below 942.9 to turn the short term chart bearish, while silver would have to trade below 13.463 to look bearish on a short term basis.

Taking into consideration however that the longer term trends are currently bullish, any bearish signal on the short term chart would of course mean nothing more than a consolidation process.

It would take gold to trade below 932.2 USD for 2 consecutive bars in order to turn the bigger term 240min chart bearish. For silver, it would take a pullback to below 13.19 USD to have a good reason to become bearish.

As long as these price levels are not touched, there is compelling reason to remain firmly bullish on precious metals, and to look for higher prices in the near future, as the line of least resistance is to the upside.

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By Frederic Simons

http://www.crossroadsfx.hostoi.com

© 2009 Copyright Frederic Simons - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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