Morning Report
With a daily closing above SMA50 -colored in red- we started to look at the metal from a pure harmonic point of view. Gold is dominated by a fine Fibonacci symmetry which suggests that a harmonic Bat pattern is in progress where it is currently forming its CD leg as seen on the provided daily chart. Vortex reflects a strong upside trend but we see Stochastic is in need for some kind of relief. We may witness a retest of 50% Fibonacci of XA leg and may be the pivotal support around 1702.00 before moving higher once more towards D point or rather the PRZ of the pattern around 88.6% of CD leg. A break of 61.8% is required to ease the path towards the targeted areas.
The trading range for today is among the key support at 1673.00 and key resistance now at 1830.00.
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 | 1728.00 | 1715.00 | 1702.00 | 1695.00 | 1687.00 |
| Resistance | 1745.00 | 1763.00 | 1772.00 | 1785.00 | 1800.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1724.00 targeting 1785.00 and stop loss below1690.00 might be appropriate. | ||||
Silver
Morning Report
The breach of 50% Fibonacci correction could trigger a test of 61.8% Fibonacci as shown above. The ascending triangle formation could also support the upside movement, where the triangle’s suggested target is at 37.80, while 61.8% Fibonacci correction is at 37.25. Therefore, we expect trading above 35.10 to support the upside movement to extend today.
The trading range for today is among the key support at 32.95 and key resistance now at 37.80.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 35.10 | 34.40 | 34.00 | 33.75 | 33.40 |
| Resistance | 35.65 | 36.20 | 36.80 | 37.25 | 37.80 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver around 35.10 and take profit in stages at (36.20 and 37.25) and stop loss below 34.40 might be appropriate. | ||||
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