Morning Report
Gold continued its upside recovery which started at 1665.00 touching 38.2% Fibonacci retracement of the upside wave from 1603.00 to 1803.00 as seen on the provided four-hour chart. We can see how SMA 50 -colrored in red- and SMA 20 -blue- have provided the metal with support since the opening of this week, but there are two main technical catalyst that are contraditing with the above mentioned positive factor as follows:
- The sensitivity of the current levels.
- The potential negative divergence which is under formation on Stochastic.
Thereby, we are obliged to stay aside until the metal presents an actionable setup to pinpoint the upcoming big move. Finally, breaching 1705.00 will bring the negative picture back into focus.
The trading range for today is among the key support at 1650.00 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 | 1715.00 | 1707.00 | 1703.00 | 1698.00 | 1687.00 |
| Resistance | 1728.00 | 1732.00 | 1735.00 | 1753.00 | 1765.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Morning Report
The slight positivity seen on Stochastic wasn’t able to push the metal towards another bullish wave. Consolidation below 38.2% Fibonacci correction as shown above on the chart at 32.95 and also below the moving average 50 support us to hold onto our negative expectations as they are supported by the rising wedge pattern.
The trading range for this week 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 | 31.60 | 31.25 | 30.95 | 30.50 | 30.30 |
| Resistance | 32.10 | 32.60 | 32.95 | 33.05 | 33.50 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (30.30 and 29.55) and stop loss with 4-hour closing above 33.35 might be appropriate | ||||
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