Morning Report
The upside move seen yesterday confirmed that the metal is affected sharply by the support level of 1624.00, where consolidation above this support suggests that the proposed harmonic structure is valid. Therefore, we still expect an upside move today, especially when the pair is stable above the main resistance of the descending channel, which controlled the formation of the BC leg of the pattern, suggesting that the metal will form now the CD leg of this pattern.
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 | 1638.00 | 1632.00 | 1628.00 | 1624.00 | 1608.00 |
| Resistance | 1645.00 | 1650.00 | 1654.00 | 1662.00 | 1666.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1638.00, 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 metal retested yesterday the level of 31.25, which represents the previously breached support of the sideways range. At the same time, silver is still above 61.8% Fibonacci correction at 30.40 as shown above. Consolidation between these levels drives us to remain neutral, especially with the conflict seen between the negativity of MACD and the positivity of RSI.
The trading range for today is among the key support at 28.85 and key resistance now at 32.10.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 30.40 | 30.15 | 29.90 | 29.60 | 29.05 |
| 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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