Morning Report
Gold is stable below the neckline of the double-top pattern at 1702.00. Furthermore, the metal is also stable below 1680.00, which represents the 38.2% Fibonacci correction as shown above. These factors could support forming a bearish structure, which will be confirmed with a breach of 1650.00 and stability below it. Therefore, we expect a downside movement for today, but consolidation below 1702.00 and 1726.00 is required.
The trading range for today is among the key support at 1575.00 and key resistance now at 1752.00.
The short-term trend is to the upside targeting 1945.00 as far as areas of 1475.00 remain intact.
| Support | 1670.00 | 1665.00 | 1653.00 | 1635.00 | 1615.00 |
| Resistance | 1687.00 | 1695.00 | 1702.00 | 1715.00 | 1726.00 |
| Recommendation | Based on the charts and explanations above, we recommend selling gold below 1653.00, targeting 1575.00 and stop loss above 1702.00 might be appropriate | ||||
Silver
Morning Report
The metal failed to breach the resistance levels at 32.85 and 33.15, while today Stochastic is negative, which could trigger a new attempt to enter a downside movement, where this suggested movement today requires consolidation below 33.65, while below 33.15 is much better.
The trading range for today is among the key support at 30.30 and key resistance now at 34.40.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.85 | 31.30 | 31.05 | 30.65 | 30.30 |
| Resistance | 32.95 | 33.15 | 33.65 | 34.00 | 34.40 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 32.85 and take profit in stages at (30.85 and 29.05) and stop loss with daily closing above 33.70 might be appropriate. | ||||
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