Morning Report
We can see that gold rebounded to the upside after reaching the main resistance for the downside wave that was previously breached, and this move is considered a retest to those areas. Today, we expect the metal to return above 1653.00 where stability above it could see the bullishness control the movement. Our expectations require stability above 1624.00 areas.
The trading range for today is among the key support at 1624.00 and key resistance now at 1690.00.
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 | 1645.00 | 1638.00 | 1632.00 | 1628.00 | 1624.00 |
| Resistance | 1653.00 | 1662.00 | 1666.00 | 1673.00 | 1680.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying gold above 1645.00 and take profit at 1653.00, 1666.00, and 1673.00 and stop loss with four-hour closing below 1624.00 might be appropriate | ||||
Silver
Morning Report
Silver is still fluctuation within a tight range above 31.25 and that keeps the possibility for the metal to settle above 31.80 eying again the resistance for the sideways range at 31.80. The upside move remains possible, yet stability below 31.25 weakens those expectations.
The trading range for today is among the key support at 29.90 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 | 31.25 | 31.00 | 30.85 | 30.30 | 29.90 |
| Resistance | 31.80 | 32.00 | 32.60 | 32.85 | 33.00 |
| Recommendation | Based on the charts and explanations above our opinion is buying silver around 31.25 and take profit in stages at 31.80, 32.60, and 33.15 and stop loss with four-hour closing below 31.00 might be appropriate | ||||
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