Morning Report
The metal couldn't bear yesterday's detected support of 1720.00 where it inclined entering the sensitive zones between 1735.00 and 1740.00 once more. At the same time, Stochastic succeeded in offering an obvious negative crossover claiming that the bearishness is still favored for intraday traders. Note that areas of 1728.00 should be breached decisively to weaken 1720.00. On the upside, a break of 1755.00 will postpone our proposed bearish wave, while breaching 1765.00 will damage the outook.
The trading range for today is among the key support at 1673.00 and key resistance now at 1802.00.
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 | 1728.00 | 1720.00 | 1715.00 | 1707.00 | 1703.00 |
| Resistance | 1740.00 | 1748.00 | 1753.00 | 1765.00 | 1774.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1728.00 targeting 1673.00.00 and stop loss above 1765.00 might be appropriate. | ||||
Silver
Morning Report
Silver is trading narrowly in areas below 32.95. Stochastic provided a positive crossover, but on the other hand RSI is stable below the 50-point level, which in result reflects technical conflict. But in general, consolidation below 32.95 drives us to expect a downside movement, supported by the rising wedge pattern.
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 | 31.65 | 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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