Morning Report
Gold inclined after touching the sensitive support areas around 1703.00 when Stochastic overlapped positively over four-hour interval, but we notice that the metal remains trapped below the pivotal resistance of 1740.00. Now, Stochastic of the main time scale –H4- is currently entering the overbought areas; whilst Stochastic over daily basis continues moving downwards. Thereby, we see chances for renewing the selling interests over upcoming sessions; particularly, if gold succeeded in clearing 1703.00.
The trading range for today is among the key support at 1673.00 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 | 1720.00 | 1715.00 | 1707.00 | 1703.00 | 1695.00 |
| Resistance | 1735.00 | 1745.00 | 1753.00 | 1765.00 | 1774.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1720.00 targeting 1665.00.00 and stop loss above 1765.00 might be appropriate. | ||||
Silver
Morning Report
Silver returned to incline, yet the metal is still trading below 38.2% Fibonacci correction and also below the SMA 50 around 32.95. Stochastic is negative and trades below the 50-point level, while the RSI was unable to settle above the 50-point level since mid November. All these factors together drive us to expect that the downside movement is still valid, affected by the rising wedge pattern as shown above on the chart.
The trading range for today is among the key support at 29.55 and key resistance now at 33.75.
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 | 31.60 | 31.25 | 30.95 | 30.50 |
| Resistance | 32.95 | 33.05 | 33.50 | 33.75 | 34.25 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 32.95, and take profit in stages at (31.25 and 29.55) and stop loss with 4-hour closing above 33.75 might be appropriate | ||||
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