Morning Report
Gold continued fluctuating around the initial resistance level of 1665.000 where "B" point of the suggested harmonic Crab pattern exists. Yesterday's daily closing was achieved comfortably below SMA 50-colored in red- as seen on the provided daily, but Stochastic succeeded in drawing a positive crossover while Vortex is positive. In the interim, the four-hour chart offers a bearish classical structure alongside negativity on its Stochastic. The conflict between the above mentioned technical factors is a rational reason that forces us to stay aside over intraday basis as we need to witness a daily closing above 1665.00 to confirm the bullishness; whilst breaching 1628.00 will initiate potential downside pressure.
The trading range for today is among the key support at 1607.00 and key resistance now at 1703.00.
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 | 1655.00 | 1650.00 | 1645.00 | 1635.00 | 1628.00 |
| Resistance | 1669.00 | 1673.00 | 1687.00 | 1695.00 | 1703.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high today. | ||||
Silver
Morning Report
Silver is trading positively, but the positivity is still limited in areas below 30.85, affected by the overbought signs seen on Stochastic. Consolidation above 29.60 suggests that the metal could provide new attempts to reach the resistance level at 30.80 in attempts to breach this level to extend the upside move, supported by the continuous formation of the CD leg of the Deep Crab harmonic pattern. Heavy fluctuations and downside corrections are possible affected by momentum indicators, but at the same time, our bullish scenario remains valid as long as silver is stable above 29.60.
The trading range for today is among the key support at 28.10 and key resistance now at 32.75.
The short-term trend is to the downside with steady weekly closing below 48.50 targeting 26.65.
**New York Candlesticks**
| Support | 30.30 | 29.90 | 29.60 | 29.05 | 28.85 |
| Resistance | 30.85 | 31.00 | 31.30 | 31.60 | 32.10 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 29.90, and take profit in stages at (30.85 and 32.10) and stop loss with 4-hour closing below 28.85 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