Morning Report
Yesterday's violent decline has taken the metal once more below SMA 100 where it drew a very negative candlestick formation over daily studies. This decline has crated a bearish crossover sign on Stochastic, while Vortex continues reflecting the strength of the bearish case that started at the all-time high of 1920.00 and accelerated below the neckline areas of the suggested double top formation. Our classical pattern remains intact since it didn't reach its scientific technical target at 1475.00-1470.00 zones. Of note, a break of 1615.00 will actuate the metal to retest 1575.00, followed by 1533.00 once more. Only a break of the neckline at 1702.00 will give us reason for concern.
The trading range for today is among the key support at 1533.00 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 | 1615.00 | 1596.00 | 1575.00 | 1552.00 | 1533.00 |
| Resistance | 1635.00 | 1648.00 | 1665.00 | 1687.00 | 1702.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1635.00 targeting 1549.00 and stop loss above 1687.00 might be appropriate. | ||||
Silver
Morning Report
The metal provided 4-hour closing below 29.05, which negated our positive expectations yesterday, however, the metal returned to trade within the sideways range shown above in Pink. This movement drives us to turn neutral today, where the metal is attempting to turn negative, yet the downside movement doesn’t last long and the metal returns to the sideways range. The Relative Strength Index is trading below 50 points, while Stochastic is mixed yet negatively biased. All these factors together drive us to remain neutral today.
The trading range for this week 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 | 29.05 | 28.85 | 28.60 | 28.00 | 27.70 |
| Resistance | 30.65 | 30.80 | 31.05 | 31.85 | 32.10 |
| Recommendation | Based on the charts and explanations above, we remain neutral today, awaiting more confirmations | ||||
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