Morning Report
Gold is gradually approaching the main support shown above while the bearish technical pattern that was completed with the breach of 1666.00 remains valid. Therefore, we expect further intraday bearishness for today targeting areas of 1540.00 while gold might fluctuate and correct to the upside before reaching the set target. Breaching areas of 1635.00 signals an intraday reversal to the upside.
The trading range for today is among the key support at 1540.00 and key resistance now at 1620.00.
The short-term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1580.00 | 1565.00 | 1550.00 | 1540.00 | 1530.00 |
| Resistance | 1600.00 | 1625.00 | 1635.00 | 1660.00 | 1675.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold around 1605.00 and take profit at 1540.00 and stop loss with four-hour closing above 1635.00 might be appropriate | ||||
Silver
Morning Report
Silver moved higher after the rebound from 78.6% correction shown above, while Stochastic helped the upside move. The positive signal on Stochastic and the rebound from areas around 28.10 might support the attempt to retest areas between 30.00 and 30.85 before resuming the downside wave. Nevertheless, the downside move is still valid till now and the general structure for silver is still negative.
The trading range for today is among the key support at 26.00 and key resistance now at 33.55.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.
| Support | 29.05 | 28.85 | 28.60 | 28.10 | 27.50 |
| Resistance | 29.90 | 30.30 | 30.55 | 31.00 | 31.30 |
| Recommendation | Based on the charts and explanations above our opinion is selling silver around 29.70 and take profit in stages at 28.10 and 27.15 and stop loss with four-hour closing above 30.85 might be appropriate | ||||
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