Morning Report
Gold has bounced from 61.8% Fibonacci retracement of CD leg for our caught bearish harmonic AB=CD pattern, but the closing was achieved below SMA 100 -colored in blue- as seen on the provided daily chart. We should witness stability below 1703.00 zones once again to make sure that the first extended technical target at 76.4% level. Anyway, yesterdays' recovery didn’t change the bearish direction which started at 1800.00 areas but it created a positive crossover on Stochastic and that is why we need to see the metal breaching through the pivotal support of 1703.00 to negate the aforesaid sign.
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 | 1703.00 | 1695.00 | 1687.00 | 1679.00 | 1665.00 |
| Resistance | 1715.00 | 1728.00 | 1735.00 | 1745.00 | 1753.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold with a breakout below 1703.00 targeting 1650.00 and stop loss above 1735.00 might be appropriate. | ||||
Silver
Morning Report
The upside move seen today was limited in areas below 38.2% Fibonacci correction at 32.95 as shown above on the chart. This fact supports our negative outlook to remain valid, supported by the rising wedge pattern. The return of the downside movement is possible today, but a breach of 32.95 weakens our outlook, while consolidation above 33.70 negates our bearish outlook for today.
The trading range for today is among the key support at 29.55 and key resistance now at 34.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 32.10 | 31.80 | 31.60 | 31.25 | 30.95 |
| Resistance | 32.95 | 33.05 | 33.50 | 33.70 | 34.00 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 32.95, and take profit in stages at (31.60 and 30.95) and stop loss with 4-hour closing above 33.70 might be appropriate | ||||
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