Morning Report
The bearishness stopped in areas around 1624.00, which supports our suggested harmonic scenario to remain valid since the pair is still stable above the main resistance of the downside movement which started at 1790.00 and ended at 1612.00. The formation of the bullish candlesticks shown above on the minor image also supports us to hold onto our positive expectations, yet consolidation above 1624.00 is necessary for our expectations to prevail.
The trading range for today is among the key support at 1580.00 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 | 1628.00 | 1624.00 | 1608.00 | 1598.00 |
| Resistance | 1638.00 | 1645.00 | 1650.00 | 1654.00 | 1662.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold above 1632.00, targeting 1681.00, 1680.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate. | ||||
Silver
Morning Report
Silver breached the level of 31.25, which negated our positive expectations, and then the metal moved towards 61.8% Fibonacci correction at 30.40. After reaching the mentioned correction, silver rebounded to the upside, while the level of 30.40 was able to stop the bearishness, which might be sufficient to trigger another bullish attempt. Therefore, we remain neutral now, observing silver in areas between 30.40 and 31.25.
The trading range for today is among the key support at 28.85 and key resistance now at 31.25.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 30.40 | 29.90 | 29.60 | 29.05 | 28.85 |
| Resistance | 30.85 | 31.00 | 31.25 | 31.60 | 31.80 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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