Morning Report
The metal inclined slightly during the Asian session where it touched the previous detected pivotal resistance of 1728.00. From this strong resistance, it started to show signs of trend exhaustion as follows:
- Consecutive bearish candlestick patterns over four-hour studies.
- Clear bearish sign on Stochastic.
At the same time, SMA 50 becomes closer; thus, we will remain neutral for the time being but a break above 1741.00 will be a very positive indication.
The trading range for today is among the key support at 1635.00 and key resistance now at 1785.00.
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 | 1702.00 | 1695.00 | 1687.00 | 1673.00 | 1665.00 |
| Resistance | 1728.00 | 1735.00 | 1755.00 | 1762.00 | 1785.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move. | ||||
Silver
Morning Report
Silver is stable above 50% Fibonacci correction as shown above accompanied with a positive crossover seen on Stochastic above the 50-point level. All these sighs together supports the upside movement to extend over intraday basis. The Relative Strength Index is within overbought areas, which could trigger heavy fluctuations.
The trading range for today is among the key support at 30.25 and key resistance now at 35.65.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 33.10 | 32.80 | 32.60 | 32.10 | 31.60 |
| Resistance | 33..80 | 34.00 | 34.40 | 35.10 | 35.65 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver around 33.35 and take profit in stages at (34.00 and 35.10) and stop loss below 32.60 might be appropriate. | ||||
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