Weekly Report
Gold is still stable above the top of (C) point of the double harmonic structure, where according to the harmonic analysis rules, consolidation above this level, which represents 1763.00, could trigger more bullishness in attempts to retest the level of 1794.00 and then 1828.00 in case the metal breached the first level. The ascending support shown above in pink must remain intact in order to negate the negativity seen on momentum indicators.
The trading range for this week is among the key support at 1724.00 and key resistance now at 1828.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1772.00 | 1768.00 | 1763.00 | 1754.00 | 1750.00 |
| Resistance | 1780.00 | 1788.00 | 1794.00 | 1800.00 | 1810.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1772.00, and take profit in stages at 1794.00 and 1828.00 and stop loss with 4-hour closing below 1750.00 might be appropriate. | ||||
Silver
Weekly Report
Silver attempts to confirm the breach of the descending main resistance level shown above, where this resistance started at the top of 49.83. The suggested breach depends on the effect of the bullish Bat harmonic pattern, where the metal is stable now around the target of 127.2% Fibonacci of the CD leg; however, the upside move is still available. Therefore, a breach of 35.75 and consolidation above it, could support silver to extend the upside move, targeting 161.8% Fibonacci at 38.30-35.
The trading range for this week is among the key support at 32.80 and key resistance now at 38.35.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 35.05 | 34.65 | 34.25 | 33.75 | 33.20 |
| Resistance | 35.75 | 36.20 | 36.80 | 37.25 | 37.80 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 35.05, and take profit in stages at (36.20, 37.25 and 38.35) and stop loss with 4-hour closing below 34.00 might be appropriate | ||||
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