Morning Report
The metal dropped sharply yesterday, breaching the critical support among 1665.00-1675.00 in addition to the ascending trend-line or support illustrated on image above. The drop extended to test the 200-days SMA around 1620, while stochastic dipped within oversold areas, accordingly, the negative pressure upon the shiny metal is expected to continue, however, we may see a bullish pullback towards the breached cluster of support we just mentioned before resuming the bearishness.
The trading range for today is among the key support at 1575.00 and key resistance now at 1680.00.
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 | 1635.00 | 1620.00 | 1600.00 | 1575.00 | 1535.00 |
| Resistance | 1650.00 | 1673.00 | 1687.00 | 1695.00 | 1703.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1665.00 targeting 1620.00 and 1575.00, stop loss above 1703.00 might be appropriate. | ||||
Silver
Morning Report
The metal is facing the 30.55 strong support, where the downside move yesterday was halted at this level. The metal is range-trading however with a slight downside bias and this is well illustrated by the bearish technical pattern shown above, failing to settle above the 50-days SMA is also supporting the downside pressure; however, Stochastic has entered oversold areas around this important downside technical barrier and accordingly we expect further downside pressure which may be preceded by some fluctuations.
The trading range for today is among the key support at 28.40 and key resistance now at 33.05.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 30.50 | 30.00 | 29.60 | 29.10 | 28.60 |
| Resistance | 31.20 | 31.60 | 32.10 | 32.60 | 32.95 |
| Recommendation | Based on the charts and explanations above our opinion is, selling silver with four-hour closing below 30.55 targeting 29.90 and 28.35, stop loss with-four hour closing above 31.60 might be appropriate. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment