Morning Report
Since the beginning of the week gold has been trading within a tight range, and this range resides above the resistance for the downside wave that started from 1790.00 to 1612.00. Steady trading above 1624.00 supports the expectations for an intraday upside move and that is supported by the suggested harmonic formation above. We need to confirm the upside move once again above 23.6% correction at 1653.00 per ounce.
The trading range for today is among the key support at 1624.00 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 | 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 above 1650.00 and take profit at 1681.00, 1694.00, and 1700.00 and stop loss with four-hour closing below 1624.00 might be appropriate | ||||
Silver
Morning Report
The metal is attempting to stabilize above 31.80 which is a critical resistance facing silver ahead of testing the main resistance for the sideways wave. Steady trading above 31.25 with four-hour closing supports the expected intraday bullishness targeting 33.15; stability above 31.80 is required for our expectations to remain valid.
The trading range for today is among the key support at 30.85 and key resistance now at 33.15.
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 | 31.60 | 31.25 | 31.00 | 30.85 | 30.30 |
| Resistance | 32.00 | 32.60 | 32.85 | 33.00 | 33.15 |
| Recommendation | Based on the charts and explanations above our opinion is buying silver around 31.60 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 | ||||
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