Morning Report
Finally, gold inclined supported by stability above 1624.00 and trading outside the descending channel and also by the formation of the CD leg of the harmonic pattern. Consolidation above 1654.00 might weaken the effect of momentum indicators as shown above; while consolidation above this level might support the upside move to extend during the session today. Consolidation above 1624.00 is necessary for the upside move, but over intraday basis consolidation above 1638.00 is much better.
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 | 1628.00 |
| Resistance | 1662.00 | 1666.00 | 1673.00 | 1680.00 | 1690.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1645.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1638.00 might be appropriate. | ||||
Silver
Morning Report
The metal returned now to test the previously breached support level which turned into resistance now at 31.25. RSI attempts to breach the 50-point level, while MACD turned positive. Despite the positive bias, but consolidation below 31.25 negates the positivity, while consolidation above 30.40 prevents us from suggesting a downside movement. In result, we remain neutral today.
The trading range for today is among the key support at 29.60 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 | 31.00 | 30.80 | 30.40 | 29.90 | 29.60 |
| Resistance | 31.25 | 31.60 | 31.80 | 32.10 | 32.50 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment