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Silver prices, gold prices: A buy on a technical basis say Delta Index

Details: Category: Silver Prices; Published on Wednesday, 12 October 2011 08:21

A look at the latest technical indicators being highlighted in the morning trading session in Europe.

The spot silver price is 1.48% higher at 32.45.

The spot gold price is 0.98% higher on the day at 1678.

Technical analysts at Delta Index had called silver and gold higher in their pre-market note to clients this morning.

While we may have moved on from the suggested entry points, the momentum indicators remain relevant to traders.

Silver prices have formed a bullish MACD crossover, Delta Index suggest a buy at 3220, a stop loss be set at 2974 and a take profit target at 3708.

Gold prices have also witnessed the formation of a bullish MACD crossover. A buy at 16676 has been called with a stop suggested at 16195 and a take profit level called for at 17630.

Gold was not so favourable amongst investors yesterday as it turned in a little decline down to 1635.

"The precious metal is at 1670 this morning and so traders will be watching support and resistance levels closely seen at 1650/30/00 and 1685/1700/20 respectively," says Simon Denham at Capital Spreads.

Brent recaptured the $110 level yesterday after an impressive bounce in line with equity markets.

Even despite OPEC cutting its forecast for global oil demand crude prices are showing a bit of resilience with Brent at 110.80 this morning.