Morning Report
The representative of trend indicators- Vortex indicator- succeeded in drawing the awaited negative signal as seen on the provide daily chart. At the same time, Stochastic didn't change its bearish tendency suggesting that the metal is preparing to take the pivotal support of 1603.00 to continue forming the CD leg of the potential Crab pattern. We will not define the technical target of this pattern exactly until gold proves resuming the bearishness started at 1800.00 zones. Conversely, breaching above 1650.00 will give us a reason for concern while clearing B point at 1665.00 will negate the suggested bearishness.
The trading range for today is among the key support at 1559.00 and key resistance now at 1665.00.
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 | 1615.00 | 1607.00 | 1603.00 | 1590.00 | 1582.00 |
| Resistance | 1628.00 | 1635.00 | 1645.00 | 1650.00 | 1665.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1603.00 targeting 1533.00 and stop loss above 1650.00 might be appropriate. | ||||
Silver
Morning Report
Silver returned to settle above 29.05, which suggests that the upside move could extend towards the second target of the bullish Bat harmonic pattern. Stochastic attempts to provide a positive crossover, but it is still below the 50-point level, while the RSI is unable to settle above this level as well. Consolidation above 27.10 is required for the metal to test the second target of the harmonic pattern. Therefore, due to the high risk associated to our expectations today, we remain neutral.
The trading range for today is among the key support at 27.10 and key resistance now at 31.30.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact.
**New York Candlesticks**
| Support | 29.05 | 28.85 | 28.10 | 27.50 | 27.10 |
| Resistance | 29.90 | 30.30 | 30.55 | 30.85 | 31.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral due to the high risk associated to our expectations | ||||
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