Technical Observation
Last week, gold went below the short term support line 1317.65 but is currently being supported buy a daily support drawn at 1312.51. Unless the price clearly break below 1312.51, this is a good buy place for intraday traders, if you buy the yellow metal now, you should have your first take profit at 1335.20, and the next at 1358.60. On the other side, should the price break below 1312.51, then I'll be waiting for a pullback to the just broken line to short Gold towards 1265.00. On the way downwards, the key lines to look for include 1294.25, 1276.70 and 1265.00.
Trade Signal.
Buy Gold at 1312.51 towards 1364.45.
Silver withing a contracting wedge formation
Technical Observation
Since October 2016, silver Has remained confined within the contracting wedge formation. Earlier this year, this commodity attempted a break above the upper trend line but failed to penetrate above, I took a short position from this line and is still holding, my expectations is that the price should surge downwards towards 15.60 but not necessarily go below the lower trend line. Last week, I saw spike to the lower side, and is still very bearish, this week, I'm expecting for further movements to the lower side.
Trade Signal.
Sell Silver now towards 15.60.
German Stock index forming a good buy
Technical Analysis
In match last year, German stocks index broke above the monthly resistance level 12024.0, pulled back to it the same year, but failed to penetrate below it. Unless there's a clear break below it, I expect a rally to the upper-side. In February this year, German stocks index pulled back to this line but could not go below. This is a second pullback to this zone and therefore a good buy for long term traders on the monthly chart. If you're not long already, you could place a pending buy limit order at 12024.0 stop loss below 11480.0 towards 13532.00.
Trade Signal.
Place a pending buy limit order at 12024.0
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