Morning Report
The sharp rebound yesterday couldn't clarify that a significant bottom was curved around 1533.00 since it should be treated as a correction as far as trading remains below the neckline areas of the double top pattern appearing on the daily graph. In the interim, the hourly chart offers an additional bearish continuation classical pattern -rising wedge- while Murrey lines shows two potential ceilings for today's trading; the first one resides at 1656.00 zones and the second is located at 1687.00 areas where those mathematical resistance could limit the aforesaid bounce. A break back below 1595.00-1575.00 will trigger a panic sell-off retargeting 1533.00, followed by the scientific technical objective of the major daily double top pattern. Of note, Stochastic may cause additional fluctuation.
The trading range for today is among the key support at 1533.00 and key resistance now at 1735.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1630.00 | 1615.00 | 1590.00 | 1575.00 | 1560.00 |
| Resistance | 1648.00 | 1665.00 | 1673.00 | 1702.00 | 1715.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1655.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Morning Report
The metal rebounded sharply yesterday, where silver is currently trading above 30.30, which represents 23.6% Fibonacci correction of the last bearish wave. This movement suggests a retest of the levels around 33.60-35.10, especially after the metal reached our stop loss point and forced us to adjust the suggested trend in out weekly report. Therefore, we expect the upside correction to extend today in case silver remains stable above 30.30, where this correction suggests a retest of the levels shadowed in Green as shown above.
The trading range for today is among the key support at 28.60 and key resistance now at 35.10.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 30.65 | 30.30 | 29.55 | 29.10 | 28.85 |
| Resistance | 32.10 | 32.95 | 33.15 | 33.65 | 34.40 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver below 30.30 and take profit in stages at (32.95 and 33.60) and stop loss below 29.10 might be appropriate. | ||||
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