Morning Report
Gold inclined slightly, but Stochastic is within overbought areas, which weakens the possibility of the upside move. The bullish and the bearish 0-5 harmonic patterns are still possible as one of them could be completed with the return of the downside movement. Therefore, our negative expectations remain valid in general, yet consolidation below 1703.00 is necessary for our scenario to remain strongly valid.
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 | 1694.00 | 1703.00 | 1706.00 | 1711.00 | 1718.00 |
| 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 rebounded to the upside, but the metal is still stable below 34.00 and also below the critical level of 34.40. Therefore, the Butterfly pattern is still under formation and remains valid, especially when Stochastic is within overbought areas. In result, our negative expectations remain as they are.
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 | 33.40 | 33.15 | 33.00 | 32.80 | 32.45 |
| Resistance | 33.65 | 34.00 | 34.40 | 34.65 | 35.05 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 33.75, and take profit in stages at 32.80 and 31.75 and stop loss with 4-hour closing above 34.40 might be appropriate | ||||
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