Morning Report
Gold moved higher supported by the breach of the main resistance for the downside move and settled above 23.6% correction to reach 38.2% correction around 1680.00 per ounce. The upside move seen increases the possibility of forming a 5-0 harmonic pattern and gold is currently constructing the CD leg; eyes next are on 1700.00 as the upside move extends. The metal should breach 1680.00 to extend the upside move and negate the effect of the negativity on momentum indicators.
The trading range for today is among the key support at 1638.00 and key resistance now at 1700.00.
The short-term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1666.00 | 1662.00 | 1653.00 | 1645.00 | 1638.00 |
| Resistance | 1680.00 | 1690.00 | 1694.00 | 1700.00 | 1703.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold above 1666.00 and take profit at 1681.00, 1694.00, and 1700.00 and stop loss with four-hour closing below 1650.00 might be appropriate | ||||
Silver
Morning Report
The metal remains stable above 31.25 and rushed higher, and now we can see that trading is steady above 32.80 supporting silver to extend the upside move. Stability above the mentioned areas might support the metal to test the upper band of the sideways range and that means areas between 33.00 and 33.15; breaching the latter will extend the bullishness, as the key for the upside move is stability above 31.25 per ounce.
The trading range for today is among the key support at 31.00 and key resistance now at 34.00.
The short-term trend is to the downside targeting 20.05 as far as areas of 38.00 remain intact with weekly closing.
*The chart above is based on NY time*
| Support | 32.15 | 32.00 | 31.75 | 31.25 | 31.00 |
| Resistance | 32.60 | 32.85 | 33.15 | 33.40 | 33.65 |
| Recommendation | Based on the charts and explanations above our opinion is buying silver around 32.15 and take profit in stages at 32.85, 33.15 and 34.00 and stop loss with four-hour closing below 31.25 might be appropriate | ||||
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