report as on 12/03/2010 gold & silver

Silver is moving between the pivotal support level of 16.80 and key resistance of 17.25, accompanied by fluctuated actions. It seems that, the metal is preparing to activate the bearish harmonic scenario of the AB=CD pattern of the daily basis. AROON up-colored in green- is hitting the value of 70.00, supporting the negative overview. Thereby, potential downside actions could be witnessed over intraday basis. Based on the charts and explanations above our opinion is, selling silver from 17.25 targeting 16.75 and stop loss above 17.65 might be appropriate.

Gold is currently forming the 4th wave inside the first corrective wave 'A' of our detected Elliott sequence that started at 1044.00 as seen on the provided four-hour chart. Chances for reaching 1115.00 zones still exist to complete this forth wave before resuming the downside rally of the suggested Elliott count. Henceforth, potential downside actions could be seen over intraday basis.Based on the charts and explanations above our opinion is, selling gold from 1115.00 targeting 1095.00 and stop loss above 1128.00 might be appropriate