GOLD: (Feb 2012)
Gold February as seen in the weekly chart, found resistance at 29433, fell sharply lower towards 29000, and finally closed lower.
Support is now observed at 28980. One can buy around the level and if it cannot maintain levels, further below strong support is seen at 28470. Trading consistently below 28500 could trigger a sharp correction initially towards 28250-28150.
Trend Decider of this week: 29159
Today: Sell-on-rise... Below 29000, downside target of 28300.
SILVER (March 2012)
Silver March as seen in the weekly chart, found resistance at 58000, then fell sharply lower towards 56000, and closed at 57000.
Support is now observed at 56200-56000. Trading below 56000 would give correction initially towards 55650, and then finally towards 55500.
Trend Decider of this week: 56813
Today: Sell-on-rise strategy... As long as below 58500, bear favor.
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