Morning Report
Gold declined sharply again, approaching the critical level around 1656.00-57.00. Consolidation below 1688.00 suggests reaching 50% Fibonacci correction of the upside move that started at 1522.00 and ended at 1790.00. Therefore, we expect the downside movement to extend during the session today, but due to high risk associated with our expectations we remain neutral today.
The trading range for today is among the key support at 1624.00 and key resistance now at 1727.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1673.00 | 1662.00 | 1656.00 | 1644.00 | 1624.00 |
| Resistance | 1688.00 | 1694.00 | 1700.00 | 1703.00 | 1706.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Silver
Morning Report
Silver is negatively biased, indicating that the metal is still forming the CD leg of the Butterfly harmonic pattern. Stochastic attempts to provide a positive crossover, therefore a breach of 32.85 in necessary to negate the effect of this crossover. We expect silver to extend the downside movement, but a breach of the mentioned level is necessary.
The trading range for today is among the key support at 31.25 and key resistance now at 34.40.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 33.15 | 33.00 | 32.80 | 32.45 | 32.10 |
| Resistance | 33.40 | 33.65 | 34.00 | 34.40 | 34.65 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 33.75, and take profit in stages at 32.80 and 31.75 and stop loss with 4-hour closing above 34.40 might be appropriate | ||||
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