Morning Report
Consolidation below 1666.00 and 1654.00 negated our positive expectations yesterday, where gold is currently trading in critical areas below these levels, which turned into resistance. At the same time, the metal is still above 1624.00, which supports the bullish 0-5 harmonic pattern to remain valid. Stochastic is negative, while EMA 50 pressures gold from above, which contradicts the bullish pattern. Therefore, we remain neutral today, observing gold's movement around the critical levels, where stability below 1624.00 should negate the harmonic pattern, while trading above 1666.00 supports the return of the positivity.
The trading range for today is among the key support at 1598.00 and key resistance now at 1690.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1638.00 | 1629.00 | 1624.00 | 1610.00 | 1598.00 |
| Resistance | 1654.00 | 1662.00 | 1666.00 | 1673.00 | 1681.00 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Silver
Morning Report
Silver failed to settle above the suggested neckline of the bullish technical structure at 33.00 and then reversed to the downside. But still, the metal didn’t provide any 4-hour closing below 32.15. As shown above on the chart, we find that our positive factors are still seen, where the metal is stable above the ascending main support as shown above in red, while MACD is still positive; however, the metal must settle above 32.85 and then 33.00 is order to support the positive outlook and until then we remain neutral.
The trading range for today is among the key support at 31.00 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 | 32.15 | 32.00 | 31.75 | 31.25 | 31.00 |
| Resistance | 32.60 | 32.85 | 33.00 | 33.15 | 33.40 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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