Morning Report
The metal continues to provide more attempts to breach the resistance of the general downside trend, but Stochastic is almost within overbought areas. Gold also found a strong support at 1638.00-1632.00, where consolidation above these areas might be sufficient to support the metal to breach the resistance and turn positive. In result, we still expect an upside move today as the metal is still forming the CD leg of the 0-5 harmonic pattern.
The trading range for today is among the key support at 1608.00 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 | 1650.00 | 1645.00 | 1638.00 | 1632.00 | 1624.00 |
| Resistance | 1646.00 | 1662.00 | 1666.00 | 1673.00 | 1681.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1650.00, targeting 1666.00, 1680.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Morning Report
The metal is trading narrowly within a sideways range between 31.25 and 33.15, but silver currently approaches the support level of the mentioned range as shown above. Consolidation above 31.25 might support the metal to provide more attempts to settle above 31.80 in order to rebound again, targeting the top of the sideways range. Therefore, consolidation above 31.25 drives us to expect an intraday upside move.
The trading range for today is among the key support at 30.40 and key resistance now at 33.15.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 31.25 | 31.00 | 30.85 | 30.40 | 29.90 |
| Resistance | 31.80 | 32.00 | 32.15 | 32.60 | 32.85 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 31.50 and taking profit in stages at 32.15, 32.85 and 33.15 and stop loss with 4-hour closing below 31.00 might be appropriate | ||||
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