Morning Report
The metal is trading narrowly and is still stable below EMA 50. Therefore, we expect gold to provide another bearish attempt today, while the downside movement could accelerate with a breach of 1688.00 and stability below it. Our expectations depend on the possible formation of the CD leg of the 0-5 harmonic structure, which could trigger a retest of 1656.00. Our expectations require stability below 1727.00 today.
The trading range for today is among the key support at 1642.00 and key resistance now at 1740.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
| Support | 1700.00 | 1694.00 | 1688.00 | 1673.00 | 1662.00 |
| Resistance | 1706.00 | 1711.00 | 1718.00 | 1727.00 | 1735.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold around 1706.00, targeting 1657.00 and stop loss with 4-hour closing above 1727.00 might be appropriate. | ||||
Silver
Morning Report
Silver fluctuates heavily below the resistance level of 34.40 and 34.00, which in result drives us to expect that the metal is still forming the CD leg of the Butterfly harmonic structure. Stochastic is currently biased to the upside, but RSI is negative and stable below the 50-point level supporting the expected downside movement. A breach of 34.40 will make us reconsider our expectations.
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 | 33.65 | 33.40 | 33.15 | 33.00 | 32.80 |
| Resistance | 34.00 | 34.40 | 34.65 | 34.80 | 35.05 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 33.75, and take profit in stages at 32.80 and 31.25 and stop loss with 4-hour closing above 34.40 might be appropriate | ||||
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