Morning Report
The bearishness seen was limited in areas above 1624.00 and also above the main resistance of the downside movement. The slight decline seen earlier relieved momentum indicators from the negativity, and in result this could be a sign the metal is still forming the CD leg of the suggested harmonic structure. Therefore, the upside move is still available, but a breach of 1624.00 negates any positive projections.
The trading range for today is among the key support at 1590.00 and key resistance now at 1680.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1632.00 | 1624.00 | 1608.00 | 1598.00 | 1590.00 |
| Resistance | 1645.00 | 1650.00 | 1653.00 | 1662.00 | 1666.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1632.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Morning Report
The support level of 31.25 is still an obstacle stopping the bearish attempts, where consolidation above this level supports the metal to settle above 31.80. Stability above this level again might trigger an upside move to retest the top of the sideways range. Consolidation above the mentioned support level is critical for the positivity to prevail.
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 | 31.60 | 31.80 | 32.00 | 32.60 | 33.00 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 31.80 and taking profit in stages at 32.85, 33.15 and 34.00 and stop loss with 4-hour closing below 31.25 might be appropriate | ||||
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