Morning Report
Gold inclined yesterday, supporting the bullish 0-5 harmonic pattern. Stochastic is still positive and supports our expectations, but at the same time, the metal is facing the EMA 50, which is around 38.2% Fibonacci correction as shown above at 1690.00. We expect that the upside move remains valid for today affected by the harmonic structure shown above, but consolidation above 1690.00 is required to support our outlook.
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 | 1666.00 | 1662.00 | 1654.00 | 1650.00 |
| Resistance | 1681.00 | 1690.00 | 1694.00 | 1700.00 | 1703.50 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1673.00, targeting 1690.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1654.00 might be appropriate. | ||||
Silver
Morning Report
The metal inclined above 33.00 mentioned yesterday, which represents the neckline of the bullish technical structure. Furthermore, the ascending support successfully left MACD positive. In addition, the metal settled above 23.6% Fibonacci correction around 32.60 and also above the resistance of 32.85. Therefore, the upside move might continue today, while consolidation above the bullish technical structure at 33.00 supports the suggested intraday upside move to remain valid.
The trading range for today is among the key support at 31.75 and key resistance now at 35.05.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 33.00 | 32.85 | 32.60 | 32.15 | 32.00 |
| Resistance | 33.40 | 33.65 | 34.00 | 34.30 | 34.65 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 33.00 and taking profit in stages at 33.65, 34.40 and 35.05 and stop loss with 4-hour closing below 32.15 might be appropriate | ||||
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