Morning Report
The metal is currently trading around the critical resistance of the downside movement, which started at the top of 1790.00, where the EMA 50 resides. The upside move remains valid as long as gold is stable above 1624.00, which represents 61.8% Fibonacci correction as shown above, but to confirm this move, consolidation above the EMA 50 -at 1673.00 in red- is necessary.
The trading range for today is among the key support at 1598.00 and key resistance now at 1694.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support | 1650.00 | 1638.00 | 1624.00 | 1610.00 | 1598.00 |
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 1650.00, targeting 1673.00, 1688.00 and 1694.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. |
Silver
Morning Report
The technical conflict continues today, where the metal is unable to settle above 32.85, while momentum indicators are negative. At the same time, the levels of 31.75 and 31.25 are still intact, which prevents us from suggesting the continuity of the downside movement. Therefore, we remain neutral today, awaiting more 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 | 31.00 |
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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