Morning Report
The metal continued its steady movements below the previous broken support of the rising wedge pattern as seen on the provided daily chart. Therefore, the bearish effect of this continuation pattern may start sooner; noting that the negative effect of the bigger double top pattern is still favored. Moving to the hourly interval, we can catch Stochastic approaching overbought area. Consequently, we keep our bearish predications intact over intraday basis; however, breaching 1635.00 will accelerate.
The trading range for today is among the key support at 1595.00 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 | 1648.00 | 1635.00 | 1627.00 | 1615.00 | 1611.00 |
| Resistance | 1665.00 | 1673.00 | 1687.00 | 1695.00 | 1702.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1665.00 targeting 1595.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Morning Report
The metal attempts to confirm stability above the main resistance of the descending broadening wedge, which is one of the bullish technical patterns. Consolidation above the moving average 50-hour supports the upside move to remain valid, while consolidation above 31.75 supports the bullishness to continue.
The trading range for today is among the key support at 29.15 and key resistance now at 33.45.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.70 | 31.35 | 30.80 | 30.50 | 30.00 |
| Resistance | 32.10 | 32.30 | 32.80 | 33.00 | 33.45 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver with a breach of 31.70 and take profit in stages at (32.10 and 32.80) and stop loss below 31.10 might be appropriate. | ||||
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