Morning Report
Respecting our yesterday's proposed bearish scenario, the metal declined touching the psychological support of 1600.00, where this decline has assisted it to create a new negative sign on Vortex indicator-trend indicator-. Now, we believe that trading below the lower line of Keltner channel should be classified as an oversold signal and that is why we think that the metal will fluctuate before achieving new downside attempt over intraday basis. The major double top pattern is still affecting the metal and we may witness a retest of the significant low of 1533.00 over upcoming sessions.
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 1635.00 targeting 1560.00 and stop loss above 1688.00 might be appropriate. | ||||
Silver
Morning Report
Silver is still fluctuating within the broadening wedge formation, where after hitting our first targeted area at 30.30 yesterday the pair found support 30.00 to rebound again and currently attempting to test the breached minor ascending support shown on image. Stochastic is exiting oversold area supporting the upside pullback. In general, the wedge formation is a bullish one; however bullishness won’t be confirmed unless a breach of the descending resistance of the pattern occurs. For now, we might see another downside attempt supported by the aforementioned breach of the ascending resistance and 31.25 horizontal resistance.
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 | 30.50 | 30.27 | 30.00 | 29.55 | 29.05 |
| Resistance | 30.95 | 31.25 | 31.75 | 32.10 | 32.30 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 31.25 targeting 30.75 and 30.30 , stop loss with 4-hour closing above 31.50 might be appropriate. | ||||
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