Weekly Report
Gold inclined slightly, but the metal is still stable below the (B) point of the suggested harmonic structure, which is still under formation and might trigger a downside movement as the metal might attempt to continue the formation of the CD leg. Stochastic is significantly negative, while the metal is stable below EMA 50 and below the main resistance of the downside movement. Therefore, we expect a downside movement this week as long as gold is stable below 1666.00.
The trading range for this week is among the key support at 1580.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1624.00 | 1608.00 | 1598.00 | 1590.00 | 1585.00 |
| Resistance | 1642.00 | 1650.00 | 1654.00 | 1662.00 | 1666.00 |
| Recommendation | Based on the charts and explanations above our opinion is selling gold around 1638.00, targeting 1624.00, 1608.00 and 1585.00 and stop loss with 4-hour closing above 1666.00 might be appropriate. | ||||
Silver
Weekly Report
Silver is still stable below the main resistance of the downside movement and also below EMA 20, 50 and 100. Stochastic reached oversold areas, but RSI is still negative and below the 50-point level. All these factors together drive us to expect a downside movement this week, depending on stability below the resistance levels of 33.00 and 33.15.
The trading range for today is among the key support at 29.60 and key resistance now at 33.00.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 31.75 | 31.25 | 30.85 | 30.30 | 29.90 |
| Resistance | 32.00 | 32.45 | 32.85 | 33.00 | 33.15 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 32.00 and taking profit in stages at 31.25, 30.85 and 30.30 and stop loss with 4-hour closing above 33.00 might be appropriate | ||||
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