Morning Report
Respecting yesterday's analysis, the metal has collapsed breaching the initial support zones-turned into resistance- between 1740.00 and 1735.00 as seen on the provided four-hour graph. The bearish candlestick formation monitored yesterday continues affecting gold negatively and it is awaited to assist the metal to clear the pivotal support around of 1703.00-50% Fibonacci of the upside rally from 1603.00 to 1802.00-. Moving comfortably below SMA 50 is another technical catalyst that argues us to keep our bearish predictions intact over intraday basis. Finally, Stochastic over four-hour interval may cause some kind of fluctuation, but it is difficult to make gold beats the negativity on the bigger daily time frame.
The trading range for today is among the key support at 1650.00 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 | 1673.00 | 1665.00 |
Resistance | 1728.00 | 1735.00 | 1745.00 | 1753.00 | 1765.00 |
Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1720.00 targeting 1650.00.00 and stop loss above 1765.00 might be appropriate. |
Silver
Morning Report
The level of 32.95 was able to push silver to the downside, and now we see how the rising wedge pattern affects the metal negatively. Stochastic supports the extension of the downside movement supported by the effect of the bearish technical structure. The level of 31.25-10 represents the first technical barrier facing the metal, while a breach of these levels and 4-hour closing below them could trigger another strong bearish wave.
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 | 31.60 | 31.25 | 30.95 | 30.50 | 30.30 |
Resistance | 32.10 | 32.95 | 33.05 | 33.50 | 33.75 |
Recommendation | Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (31.25 and 29.55) and stop loss with 4-hour closing above 33.05 might be appropriate |
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