Morning Report
Gold continued its stable incline above the previous broken resistance as seen on the provided daily graph. Actually, this incline is classified as a gathering momentum process since Stochastic is on its way to enter overbought areas sooner. In the interim, we can see the probability of forming a bearish harmonic AB=CD pattern with PRZ -potential reversal zones- at 1785.00 where the alternation between Fibonacci corrections may send the metal lower form 200% Fibonacci projection of BC leg.
The trading range for today is among the key support at 1695.00 and key resistance now at 1830.00.
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 | 1753.00 | 1745.00 | 1735.00 | 1728.00 | 1715.00 |
| Resistance | 1772.00 | 1785.00 | 1800.00 | 1807.00 | 1830.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling rallies towards 1785.00 targeting 1705.00 and stop loss above 1830.00 might be appropriate. | ||||
Silver
Morning Report
After testing the 33.50 area yesterday the metal started an upside attempt that reached a high of 34.85, this upside move breached the short term descending resistance shown above, we look for more upside attempts today as well supported by settling above the 33.50 support and the 50 SMA over four-hour basis, targeting mainly the latest high just above 35.50 area along with the 50 day SMA.
The trading range for today is among the key support at 32.20 and key resistance now at 37.00.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
*The provided chart based on GMT+2*
| Support | 34.00 | 33.50 | 32.75 | 32.15 | 31.50 |
| Resistance | 34.70 | 35.50 | 36.45 | 36.90 | 37.25 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver around 34.00 targeting 34.70 ,35.50 , stop loss with four-hour closing below 33.45 might be appropriate. | ||||
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