Weekly Report
Consolidation above the level of 1656.00 again might trigger the completion of the 0-5 harmonic pattern, where our harmonic outlook suggests an upside move this week despite the type of this pattern. Our positive outlook is driven by the possibility that the metal might be forming the CD leg of the bearish 0-5 harmonic pattern or by the possible completion of the bullish 0-5 harmonic pattern as shown above on the charts. Our suggested scenario remains valid as long as gold is stable above 1656.00, but a breach of 1624.00 weakens our outlook.
The trading range for this week is among the key support at 1590.00 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 | 1656.00 | 1650.00 | 1642.00 | 1638.00 | 1624.00 |
| Resistance | 1673.00 | 1681.00 | 1688.00 | 1694.00 | 1703.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold above 1645.00, targeting 1688.00, 1694.00 and 1703.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Weekly Report
The bullish Butterfly harmonic pattern negated the effect of the bearish technical structure, while the metal returned to settle above the level of 31.75. Therefore, silver might provide another attempt to settle above 32.85 and confirm the failure of the bearish technical structure and in result to confirm the continuity of the upside move. Stochastic is currently within overbought areas and provides a negative crossover, which might trigger heavy fluctuations and downside corrections before respecting the suggested scenario, noting that a 4-hour closing below 31.25 is sufficient to negate the suggested bullishness.
The trading range for this week is among the key support at 30.30 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 | 32.00 | 31.75 | 31.25 | 30.85 | 30.30 |
| Resistance | 32.85 | 33.00 | 33.20 | 33.75 | 34.00 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver above 31.75, and take profit in stages at 32.85 and 33.75 and stop loss with 4-hour closing below 31.00 might be appropriate | ||||
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