Morning Report
Unfortunately, gold closed yesterday's candlestick above SMA 100 -green- as seen on the provided graph, while Stochastic is still positive. In the interim, Vortex as a representative for trend indicators is negative reflecting the strength of the bearish trend that was accelerated with the breakout below the aforesaid neckline at 1702.00. It seems that it intends to re-test the previous broken neckline before resuming the bearishness; thus, we will stay aside today until the metal clarifies the upcoming actionable technical setup.
The trading range for today is among the key support at 1575.00 and key resistance now at 1752.00.
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 | 1665.00 | 1648.00 | 1625.00 | 1615.00 | 1590.00 |
| Resistance | 1687.00 | 1695.00 | 1702.00 | 1715.00 | 1728.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Morning Report
Silver is trading within a sideways range as shown in pink, which weakened the previously breached bullish technical structure as shown in Red. But, the metal is stable above the simple moving average 50 as shown over hourly basis, which could support the metal to take clear upside path. In fact, consolidation above 29.05 is required for our positive expectations.
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 | 30.50 | 30.30 | 29.55 | 29.05 |
| Resistance | 31.85 | 32.10 | 32.50 | 32.95 | 33.15 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver around 30.50 and take profit in stages at (31.05 and 32.90) and stop loss with 4-hour below 29.05 might be appropriate. | ||||
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