Morning Report
Gold attempts now to settle above the main resistance of the downside movement, but at the same time the metal doesn’t provide stability above the critical EMA 20 at 1656.00. Stochastic attempts to confirm the positivity by trading above the 50-point level, but RSI is still stable below this level and provides no signs of positivity. Therefore, we remain neutral today, due to the high risk associated to our expectations.
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 | 1629.00 | 1624.00 | 1610.00 |
| Resistance | 1656.00 | 1662.00 | 1673.00 | 1681.00 | 1688.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Silver
Morning Report
Silver declined sharply affected by the level of 32.85, which might be the suggested neckline of a bearish classic pattern. But at the same time, the metal rebounded to the upside after reaching areas around 31.75, which might be the bullish Butterfly harmonic pattern. The technical conflict seen drives us to 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 | 32.00 | 31.75 | 31.25 | 31.00 | 30.85 |
| Resistance | 32.45 | 32.85 | 33.00 | 33.15 | 33.40 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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