Morning Report
The pair reached the lowest yesterday at 1624.00 and then rebounded sharply to the upside to settle now in areas around the resistance of 1654.00 again. This move indicates that forming the suggested harmonic structure is still valid, which drives us to expect an upside move today as gold is forming the CD leg of this structure. Stochastic is within overbought areas which might trigger heavy fluctuations, but still, a breach of the resistance at 1654.00 should eliminate the effect of this indicator.
The trading range for today is among the key support at 1598.00 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 | 1638.00 | 1632.00 | 1628.00 | 1624.00 | 1608.00 |
| Resistance | 1650.00 | 1654.00 | 1662.00 | 1666.00 | 1673.00 |
| 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
Silver attempts to breach 61.8% Fibonacci correction at 30.40 as shown above, but the metal was unable to confirm the breach of this level and returned to settle now above this level, providing a candlestick formation that suggests another bullish attempt today. But at the same time, the metal is still below the previously breached support of the sideways range at 31.25 over intraday basis. Therefore, we remain neutral awaiting silver to exit this narrow range.
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 | 29.90 | 29.60 | 29.05 | 28.85 |
| 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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