Morning Report
Gold settled in areas below 1656.00, which triggered more downside movements yesterday. Currently, both of the 0-5 harmonic patterns are still possible, but the level of 1624.00 and most importantly 1598.00 could specify whether the metal will rebound to the upside or it will continue the downside movement. In general, we expect gold to gain positive momentum and incline again today.
The trading range for today is among the key support at 1590.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1638.00 | 1629.00 | 1624.00 | 1610.00 | 1598.00 |
| Resistance | 1656.00 | 1662.00 | 1673.00 | 1681.00 | 1688.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1624.00, targeting 1656.00, 1688.00 and 1694.00 and stop loss with 4-hour closing below 1598.00 might be appropriate. | ||||
Silver
Morning Report
Our positive expectations failed yesterday after the metal provided a 4-hour closing below the level of 32.80. But as we mentioned before in our weekly report, we find that the metal is still attempting to complete the formation of the bullish Butterfly harmonic pattern. Consolidation above 31.25 suggests completing the mentioned pattern and therefore support more bullish attempts. A breach of 30.30 weakens our suggested scenario.
The trading range for today is among the key support at 31.25 and key resistance now at 33.65.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 31.75 | 31.25 | 31.00 | 30.85 | 30.30 |
| Resistance | 32.75 | 32.80 | 33.00 | 33.15 | 33.40 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 31.25, and take profit in stages at 32.45 and 33.16 and stop loss with 4-hour closing below 30.30 might be appropriate | ||||
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