Morning Report
The metal has achieved sharp recovery for yesterday's morning slump that took the metal towards the initial support of 1596.00, but the recovery was limited below SMA 100 once more. Now, we can see on the subsidiary image of hourly graph how it formed a negative divergence on Stochastic. Those aforementioned technical factors actuate us to suggest potential downside move as the technical effect of our caught double top formation of the daily studies is still in progress. Of note, the neckline areas of the pattern at 1702.00 should act as a ceiling for any upside attempts and breaching 1615.00 will weaken 1596.00 zones.
The trading range for today is among the key support at 1533.00 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 | 1635.00 | 1615.00 | 1596.00 | 1575.00 | 1552.00 |
| Resistance | 1665.00 | 1687.00 | 1695.00 | 1702.00 | 1715.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1650.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Morning Report
The metal has been trading and expanding within a sideways range for long period of time, where silver is trading within 28.80 from below and 31.45 from above. Today the metal is stable above the Moving Average 50, which suggests a test of the critical resistance of the sideways range, but at the same time, consolidation among these levels drive us to remain neutral today due to the high risk associated.
The trading range for today is among the key support at 27.15 and key resistance now at 32.10
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 30.05 | 29.65 | 29.05 | 28.80 | 28.60 |
| Resistance | 30.65 | 31.05 | 31.45 | 32.10 | 32.95 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 29.65 and take profit in stages at (29.05 and 28.80) and stop loss with 4-hour above 30.65 might be appropriate. | ||||
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