Morning Report
The metal couldn’t hit SMA 50-colored in red- as it closed negatively below it and also below the initial resistance level of 1665.00 where B point of the suggested harmonic Crab pattern exists. Henceforth, the harmonic structure remains valid and may bring bearish pressure, but the positivity appearing on Stochastic and Vortex prevents us from suggested a bearish scenario. Gold should clear 1628.00 and preferably 1603.00 to confirm the bearish probability while taking 1665.00 with a daily closing will negate the harmonic structure and will give us a reason for pause.
The trading range for today is among the key support at 1607.00 and key resistance now at 1687.00.
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 | 1650.00 | 1645.00 | 1635.00 | 1628.00 | 1615.00 |
| Resistance | 1665.00 | 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
As shown on the 4-hour interval, silver is still trading above the top of the suggested B point of the Deep Crab harmonic pattern, which suggests completing the formation of the CD leg. The suggested pattern should be completed in areas around 32.75, but we recommend paying attention to the level of 30.80 –mentioned in our previous reports-. Our positive expectations depend on consolidation above 29.60 with 4-hour closing, while a breach of 29.05 and consolidation below it is sufficient to negate the intraday upside move.
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 | 29.90 | 29.60 | 29.05 | 28.85 | 28.10 |
| Resistance | 30.30 | 30.55 | 30.85 | 31.10 | 31.30 |
| 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 | ||||
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