Morning Report
In accordance with our yesterday's scenario, the metal has cleared the initial mathematical support-turned into resistance- at 1653.00; thus, we can see how it collapsed during the past few hours. Actually, the rising wedge pattern has proved its efficiency; therefore, we keep our bearish predications intact over intraday basis since the bigger scenario of the double top formation is still valid, mainly targeting 1475.00 zones. Of note, trading below the lower line of Keltner channel may cause some kind of fluctuation as it reflects oversold case.
The trading range for today is among the key support at 1533.00 and key resistance now at 1687.00.
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 | 1615.00 | 1590.00 | 1575.00 | 1545.00 | 1533.00 |
| Resistance | 1635.00 | 1648.00 | 1653.00 | 1665.00 | 1673.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1628.00 targeting 1545.00 and stop loss above 1688.00 might be appropriate. | ||||
Silver
Morning Report
The metal formed a triangle formation, and this pattern is considered a continuation one and in this case bearish. Trading settles just above the 23.6% Fibonacci correction level at 30.30 as shown on image, We need stability below the level to support the continuation of the downside move. In general, settling below 32.80 is the reason behind holding into our overall bearish outlook, while over intraday basis, stability below 31.15 maintains our negative outlook.
The trading range for the day is among the key support at 27.15 and key resistance now at 32.80.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 30.30 | 29.40 | 28.85 | 28.60 | 27.15 |
| Resistance | 30.75 | 31.15 | 31.50 | 31.75 | 32.10 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 30.75 and take profit in stages at (30.30 and 29.40) and stop loss with 4-hour closing above 31.50 might be appropriate. | ||||
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