Morning Report
The long upper wick of the last four-hour candlestick appearing on the secondary image proves the solidity of the resistance around 1640.00 where SMA 100 -colored in green on the main daily chart- is located. Consequently, we keep our classical bearish predictions over intraday basis, supported by the stability below the neckline areas of the double top pattern discussed earlier. Of note, a break of 1575.00 will actuate the metal to retest 1533.00 once more, while 1702.00 should act as a ceiling for the bearishness.
The trading range for today is among the key support at 1533.00 and key resistance now at 1702.00.
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 | 1615.00 | 1590.00 | 1575.00 | 1560.00 | 1545.00 |
| Resistance | 1630.00 | 1648.00 | 1665.00 | 1687.00 | 1702.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1635.00 targeting 1533.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Morning Report
Silver is trading around critical levels, where the metal breached the main resistance of the downside movement, which could form a classic continuation pattern in case the metal consolidates above 30.50, while the metal also consolidating above the simple moving average 50. Therefore, we negate yesterday's negative expectations and turn positive over intraday basis only, but after the breach of 31.35 is confirmed.
The trading range for today is among the key support at 28.60 and key resistance now at 33.50
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 | 31.05 | 31.35 | 31.85 | 32.10 | 32.95 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 30.50 and take profit in stages at (29.75 and 28.90) and stop loss with 4-hour closing above 31.85 might be appropriate. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment