Morning Report
Normal consolidation is presently seen above the pivotal support of 1603.00 which represents the full correctional level of CD leg for the bearish harmonic AB=CD pattern as seen on the provided daily graph. In the interim, Stochastic is attempting to crossover negatively and that may assist the metal to reach the aforementioned level on its way to resume the downside rally to reach more extended technical objective for our accurate pattern which assisted us to propose a bearish wave since the metal was valued at 1703.00. On the upside, areas of 1640.00 should hold to protect our negative scenario.
The trading range for today is among the key support at 1533.00 and key resistance now at 1653.00.
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 | 1603.00 | 1590.00 | 1582.00 | 1575.00 | 1559.00 |
| Resistance | 1615.00 | 1620.00 | 1628.00 | 1635.00 | 1645.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1603.00 targeting 1540.00 and stop loss above 1645.00 might be appropriate. | ||||
Silver
Morning Report
Silver entered a sideways range below 61.8% correction at 29.70 and above 78.6% correction at 28.10, yet mostly trading stabilized above 29.00 areas. This sideways range is still biased to the downside due to the wedge formation and also trading within the general downside channel. Therefore, we still expect further bearishness for silver in the coming period, where Stochastic supports our expectations.
The trading range for today is among the key support at 27.10 and key resistance now at 31.00.
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 | 29.70 | 29.90 | 30.30 | 30.55 | 30. |
| Recommendation | Based on the charts and explanations above our opinion is selling silver around 29.70 and take profit in stages at 28.60 and 27.50 and stop loss with four-hour closing above 30.85 might be appropriate | ||||
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