Morning Report
Despite closing negatively below 76.4% Fibonacci retracement of the upside rally from 1702.00 to all-time high of 1920.00, but let us remind you that the previous suggested Elliott count -check the previous report- will not be negated unless we witness a sustained breakout below 1702.00. In the interim, there is a recently caught probability of forming a bullish butterfly pattern with a completion level at 1715.00. Thereby, we will continue staying asid since the aforesaid negative closing could be the first warning for a short term reversal and that is incompatible with the intraday positive harmonic structure.
The trading range for today is among the key support at 1673.00 and key resistance now at 1811.00.
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 | 1728.00 | 1715.00 | 1702.00 | 1673.00 | 1648.00 |
| Resistance | 1745.00 | 1755.00 | 1761.00 | 1785.00 | 1800.00 |
| Recommendation | Based on the charts and explanations above our opinion is staying aside until an actionable setup presents itself to define the upcoming big move | ||||
Silver
Morning Report
The metal dropped sharply after breaching the minor descending channel we mentioned yesterday, to breach the 37.00 important support level as well and end the day below the 200 days SMA suggesting more bearishness over the horizon. At the moment the metal is testing the projected support of the channel around 35.25, if the level was able to halt the downside move temporarily we may see a pullback to test the breached 200 SMA around 36.30, on the other hand a clear breach of the channels’ support will open the door towards the main near term downside target at 33.00-33.50.
The trading range for today is among the key support at 33.00 and key resistance now at 37.00.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 34.70 | 34.30 | 33.50 | 33.00 | 32.25 |
| Resistance | 35.50 | 36.00 | 36.50 | 37.00 | 37.30 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 35.50 and take profit in stages at (34.50 and 33.50) and stop loss with 4-hour closing above 36.50 might be appropriate. | ||||
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