Morning Report
Gold breached the support level of the ascending minor channel that represents a bearish continuation Flag pattern as shown above on the chart. This pattern provides negative signs over intraday basis, in attempts to return below the resistance of the downside movement that turns into support now at 1630.00. Stochastic approaches overbought areas, which supports the suggested downside movement, noting that a breach of 1648.00 and consolidation above it might stop the suggested downside movement.
The trading range for today is among the key support at 1598.00 and key resistance now at 1665.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1638.00 | 1629.00 | 1624.00 | 1610.00 | 1604.00 |
| Resistance | 1646.00 | 1650.00 | 1656.00 | 1662.00 | 1665.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold around 1646.00, targeting 1630.00 and 16240.00 and stop loss with 4-hour closing above 1656.00 might be appropriate. | ||||
Silver
Morning Report
Silver breached the pivotal support at 31.75 and provided stability below it, which activates the suggested bearish intraday scenario. The negative impact of the bearish technical structure continues, especially after the clear breach of the mentioned support shown in pink. Our main targets are at 30.00, while consolidation below 31.75 is required for the negativity to prevail.
The trading range for today is among the key support at 30.00 and key resistance now at 32.35.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 31.25 | 30.85 | 30.30 | 30.00 | 29.75 |
| Resistance | 31.75 | 32.00 | 32.35 | 32.85 | 33.00 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 31.75, and take profit in stages at 31.25, 30.70 and 30.00 and stop loss with 4-hour closing above 32.35 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment