Morning Report
After achieving a convenient breakout below 1653.00 zones and below the lower line -support- for the rising wedge pattern, the metal retraced from the pivotal support around 1625.00 as seen on the provided daily chart. We classify the current mild recovery as a retesting action for the broken support line and it may start moving downwards once more over intraday basis, supported by the negativity on Stochastic. The secondary image of the hourly interval shows the importance of 1653.00 since it represents the pivot of camarilla lines and that is why we need to witness one more breakout below it. The major double top pattern is still favored as far as trading remains below its neckline at 1702.00 areas.
The trading range for today is among the key support at 1615.00 and key resistance now at 1728.00.
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 | 1653.00 | 1648.00 | 1635.00 | 1615.00 | 1590.00 |
| Resistance | 1665.00 | 1673.00 | 1680.00 | 1687.00 | 1695.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold with a breakout below 1653.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Morning Report
After breaching the ascending support and 31.25 level yesterday and hitting our short target at 30.75, the metal slipped to reach a low at 30.37 before rebounding again to trade above the support level and within the minor channel shown on chart, thus invalidating the potential downside breakout. For now we would love to see a breach of the multiple descending resistances before confirming any upside move, and that's due to the fluctuating stance that has been dominating the metal’s behavior within the recent period. Therefore, we will remain on the sideline for this morning awaiting a potential entry signal either side.
The trading range for the day is among the key support at 29.00 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 | 31.75 | 31.50 | 31.25 | 30.75 | 30.35 |
| Resistance | 32.10 | 32.32 | 32.60 | 33.00 | 33.45 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting more confirmations. | ||||
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