Weekly Report
Gold settled in areas above 1654.00, indicating that the 0-5 harmonic structure is still forming the CD leg. But still, we will be waiting the completion of this structure in areas between 1700.00 and 1720.00; however, this structure might be valid as the metal is moving in line with Fibonacci ratios. Therefore, we expect the upside move to extend this week as long as the metal is stable above 1654.00, noting that a breach of 1638.00 weakens the upside move over intraday basis.
The trading range for this week is among the key support at 1598.00 and key resistance now at 1720.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1662.00 | 1654.00 | 1650.00 | 1645.00 | 1638.00 |
| Resistance | 1666.00 | 1673.00 | 1681.00 | 1690.00 | 1694.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold around 1662.00, targeting 1680.00, 1700.00 and 1720.00 and stop loss with 4-hour closing below 1638.00 might be appropriate. | ||||
Silver
Weekly Report
Silver settled above 31.25 again, with expectations the metal will attempt to breach the main resistance of the downside movement after reaching areas around 61.8% Fibonacci correction at 30.00. Consolidation above 31.50 and 31.85 might trigger an upside move, correcting the recent bearishness. We expect an upside move as long as the metal is above 30.40 this week, noting that consolidation above 31.25 supports our expectations.
The trading range for this week is among the key support at 29.60 and key resistance now at 33.65.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
***New York Candlesticks***
| Support | 31.25 | 30.85 | 30.40 | 29.90 | 29.05 |
| Resistance | 31.80 | 32.00 | 32.45 | 32.85 | 33.00 |
| Recommendation | Based on the charts and explanations above, our opinion is buying silver around 31.25 and taking profit in stages at 32.45 and 33.00 and stop loss below 30.40 might be appropriate | ||||
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