Midday Report
The first part of our proposed morning scenario is in progress where the metal is inclining slightly to re-test the previous broken support -turned into resistance- around 1702.00-1703.00 as seen on the provided daily chart. Overall, we will continue relying on the morning discussed bearish crossover of SMA 50 and SMA 100 to suggest potential resumption for the negative effect of the bearish harmonic AB=CD pattern. Note that another attempt to breach 1665.00 will accelerate declines over upcoming sessions.
The trading range for today is among the key support at 1627.00 and key resistance now at 1735.00.
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 | 1687.00 | 1679.00 | 1665.00 | 1650.00 | 1645.00 |
| Resistance | 1703.00 | 1715.00 | 1728.00 | 1735.00 | 1745.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1703.00 targeting 1650.00 and stop loss above 1735.00 might be appropriate. | ||||
Silver
Midday Report
Silver inclined, but it is still below the Simple Moving Average 50 around 32.50. This incline eases the pressures forced on momentum indicators so Silver could return to trade negatively affected by the rising wedge pattern. Therefore, our morning expectations remain as they are.
The trading range for today is among the key support at 29.55 and key resistance now at 33.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 31.25 | 30.95 | 30.50 | 30.30 | 30.00 |
| Resistance | 32.10 | 32.60 | 32.95 | 33.05 | 33.50 |
| Recommendation | Our morning expectations remain valid | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment