Morning Report
The metal took a nose-dive yesterday falling more than 55 dollars. After the breach of the bearish technical pattern shown above in addition to the ascending trend-line, the metal successfully and sharply breached the 200-days SMA hinting a retest of the major low at 1532.00 is just a matter of time. The main ascending trend-line or support is located very near to that low at 1532.00 while Stochastic has dipped deep within oversold territory. Therefore, we expect the downside move to continue however our first possible stop will be 1530.00 areas.
The trading range for today is among the key support at 1530.00 and key resistance now at 1620.00.
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 | 1565.00 | 1550.00 | 1530.00 | 1505.00 | 1480.00 |
| Resistance | 1580.00 | 1600.00 | 1625.00 | 1660.00 | 1675.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1620.00 targeting 1575.00 and 1530.00, stop loss above 1650.00 might be appropriate. | ||||
Silver
Morning Report
The metal declined sharply after breaching the awaited support level of the bearish formation we mentioned yesterday around 30.50 to acquire all our downside targets for yesterday. Now the metal's bearishness accelerated and there are no major technical barriers -prior to 26.00 major low- on the horizon. Accordingly we continue to expect bearishness today while steady trading below 30.55 is required for the near term bearish outlook to remain dominant
The trading range for today is among the key support at 26.00 and key resistance now at 30.55.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 28.00 | 27.50 | 27.10 | 26.40 | 26.00 |
| Resistance | 28.80 | 29.20 | 29.90 | 30.55 | 31.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling silver around 29.20 targeting 28.00 and 26.00 , stop loss with-four hour closing above 30.55 might be appropriate. | ||||
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