Morning Report
The metal returned to settle above 1656.00, where this positive sign suggests that one of the 0-5 harmonic patterns is correct and valid. Stochastic is within overbought areas, which might force the metal to retest areas around 1656.00. Consolidation above 1624.00 suggests that the upside move could extend during the session today, noting that a breach of 1598.00 negates both patterns.
The trading range for today is among the key support at 1590.00 and key resistance now at 1706.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1656.00 | 1650.00 | 1638.00 | 1629.00 | 1624.00 |
| Resistance | 1662.00 | 1673.00 | 1681.00 | 1688.00 | 1694.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1656.00, targeting 1673.00 and 1694.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Morning Report
Silver inclined affected by the bullish butterfly harmonic structure, but the bullishness stopped in areas around the critical resistance of 32.85, which prevents us from suggesting more upside moves today. The metal should breach and settle above this resistance to confirm the failure of the bearish technical structure. At the same time, consolidation above 31.75 and 31.25 prevents us from expecting a downside movement today. Therefore, we remain neutral today, awaiting further confirmations.
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 | 32.45 | 32.10 | 31.75 | 31.25 | 30.85 |
| Resistance | 32.85 | 33.00 | 33.15 | 33.40 | 33.65 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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