Morning Report
Gold continued its recovery started at 1522.00 zones as seen on the provided daily graph. We still classify the current price action as a correction for the sharp bearishness which we followed since the metal was valued at 1800.00 zones. Moreover, we can see how the metal is still trapped below "C" point of the major bearish harmonic AB=CD pattern while chances of resuming the CD leg of the Crab pattern will not increase unless it comes again below 1550.00 zones. The positivity on Stochastic prevents us from suggesting more bearishness, but stability below 1603.00 designates potential downside move. The contrarian between the above mentioned technical factors forces us to avoid trading over intraday basis.
The trading range for today is among the key support at 1522.00 and key resistance now at 1635.00.
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 | 1573.00 | 1565.00 | 1550.00 | 1533.00 | 1522.00 |
| Resistance | 1587.00 | 1596.00 | 1603.00 | 1607.00 | 1615.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Morning Report
Silver rebounded to the upside, supported by the bullish Bat harmonic structure mentioned in our weekly report. Consolidation above 78.3% Fibonacci correction of the XA leg, and also above 23.6% Fibonacci correction of the CD leg, are reasons drive us to expect the silver could extend the upside move towards 29.05 as a start and then a breach of this level could support silver to reach further upside targets. Stability below 27.10 weakens our positive outlook.
The trading range for today is among the key support at 26.05 and key resistance now at 30.80.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 28.10 | 27.50 | 27.10 | 26.65 | 26.05 |
| Resistance | 28.60 | 28.85 | 29.05 | 29.90 | 30.30 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 28.10, and take profit in stages at (29.05 and 30.80) and stop loss with 4-hour closing below 27.10 might be appropriate | ||||
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