Morning Report
Today, we will study the CD leg –the wave from 1603.00 to 1802.00- of our accurate bearish harmonic AB=CD -check the previous report- but this time we will look at this wave over four-hour time scale from a pure classical point of view. From the first look at the four-hour graph, we will discover that the metal has stabilized below 50% Fibonacci retracement of the aforesaid wave while being bearishly pressured by SMA 20 and SMA 50. A break of 1679.00 will accelerate declines towards 76.4% retracement.
The trading range for today is among the key support at 1627.00 and key resistance now at 1765.00.
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 | 1679.00 | 1665.00 | 1650.00 | 1645.00 | 1635.00 |
| Resistance | 1703.00 | 1707.00 | 1715.00 | 1728.00 | 1735.00 |
| 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
Morning Report
The metal reversed to the downside after testing the Moving Average 50 yesterday, where this expected downside movement was affected by the rising wedge pattern as shown above. Today, we expect more bearishness, where stability below 32.95 drives us to remain negative, while the metal will primarily test the level of 30.30, which if breached could support the downside movement to extend further.
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 | Based on the charts and explanations above, our opinion is selling silver below 32.10, and take profit in stages at (30.30 and 29.55) and stop loss with 4-hour closing above 32.10 might be appropriate | ||||
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