Morning Report
Gold has slumped violently achieving a very negative closing below 61.8% Fibonacci retracement of CD leg for our efficient bearish harmonic AB=CD pattern as seen on the provided daily graph. Consequently, the path is clear for reaching 76.4% -the first extended technical target of the pattern- at 1650.00 zones. Additionally, SMA 50 has bearishly crossed over SMA 100 for the first time since February solidifying our bearish technical outlook for the metal. A break of 1650.00 will add further weakness towards 1603.00 areas.
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 | 1679.00 | 1665.00 | 1650.00 | 1645.00 | 1635.00 |
| Resistance | 1687.00 | 1695.00 | 1703.00 | 1715.00 | 1728.00 |
| 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 negative effect of the rising wedge pattern is still valid, while silver is gradually moving towards 30.30, which represents a critical support level and an intraday and short-term barrier. Today, we expect the downside movement to continue, where any trading below 32.95 supports our expectations to prevail, while Stability below 31.60 supports the downside movement significantly.
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 | 31.60 | 32.10 | 32.60 | 32.95 | 33.05 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 31.60, 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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