Morning Report
The downside movement continues, affected by the suggested harmonic pattern, which in spite of the conflict between the bullish and the bearish 0-5 structures, both of them require the resumption of the downside movement, where the bullish pattern (shown in blue) is forming the CD leg, while the bearish structure (shown in pink) is forming the BC leg as shown above. We expect the metal to reach areas around 1656.00 and maybe 1624.00. But, we should observe the pair's movement around these critical levels.
The trading range for today is among the key support at 1624.00 and key resistance now at 1735.00.
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 | 1657.00 | 1644.00 | 1624.00 |
| Resistance | 1687.00 | 1694.00 | 1703.00 | 1706.00 | 1711.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold below 1687.00, and take profit in stages at 1657.00, 1644.00 and 1624.00 and stop loss with 4-hour closing above 1703.00 might be appropriate. | ||||
Silver
Morning Report
Silver declined after breaching the ascending main support, while harmonically speaking the metal is still forming the CD leg of the suggested Butterfly pattern. Despite the positivity seen on momentum indicators, but we expect that trading below 34.40 is sufficient for the downside movement to continue, while consolidation below (B) point of the harmonic structure at 33.69 supports our bearish outlook significantly.
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 | 32.80 | 32.45 | 32.10 | 31.75 | 31.25 |
| Resistance | 33.00 | 33.15 | 33.40 | 33.65 | 34.00 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 33.00, and take profit in stages at 31.75 and 31.25 and stop loss with 4-hour closing above 34.00 might be appropriate | ||||
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