Morning Report
Long bearish candlestick shown on the daily chart breached the ascending support level and closed the session below the critical level of 1763.00, which negated our positive expectations yesterday. The downside movement could extend today affected by the breach seen yesterday, while the metal could provide a downside correction targeting 50% Fibonacci correction of the upside move, which started at 1522.00 and ended at 1790.00. The downside movement remains valid as long as the metal is stable below 1763.00.
The trading range for today is among the key support at 1657.00 and key resistance now at 1763.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1711.00 | 1706.00 | 1700.00 | 1689.00 | 1672.00 |
| Resistance | 1735.00 | 1742.00 | 1750.00 | 1754.00 | 1763.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold around 1735.00, and take profit in stages at 1711.00, 1689.00 and 1657.00 and stop loss with 4-hour closing above 1763.00 might be appropriate. | ||||
Silver
Morning Report
Silver declined sharply yesterday and is currently stable below the level of 35.70, which reduce the positivity and negate our positive expectations yesterday. Consolidation below the mentioned level could trigger bearish attempts, but the downside movement requires a clear breach of the main support of the ascending channel shown above on the chart, which in result means a breach of 34.40 and then 34.00 to confirm the first breach. We remain neutral in our morning report, awaiting the breach of the mentioned level.
The trading range for today is among the key support at 32.80 and key resistance now at 37.40.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 34.65 | 34.40 | 34.00 | 33.75 | 33.50 |
| Resistance | 35.70 | 36.20 | 36.60 | 36.80 | 37.40 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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