Gold
Gold is still moving mildly downwards after the breakout below the uptrend which controlled the movements from 1044.00 as we discussed in the morning report. We still believe that areas of 1114.00 might be retested before resuming the downside move for the rest of the day, supported by our captured bearish harmonic formation 'AB=CD'.
The trading range for today is among the key support at 1075.00 and key resistance now at 1137.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
Support: 1102.00, 1098.00, 1095.00, 1092.00, 1088.00
Resistance: 1111.00, 1114.00, 1117.00, 1122.00, 1125.00
Recommendation: Based on the charts and explanations above our opinion is, selling gold from 1114.00 targeting 1095.00 and stop loss above 1128.00 might be appropriate
Silver
Silver is presently trading around 16.95 zones, where we believe that the negative pressure of the bearish harmonic AB=CD pattern might continue, supported by the negative candlesticks formation that we discussed this morning. Therefore, we hold on our expectations for the rest of the day.
The trading range for today is among the key support at 16.25 and key resistance now at 17.60.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
Support: 16.85, 16.77, 16.72, 16.65, 16.55
Resistance: 17.00, 17.05, 17.18, 17.25, 17.35
Recommendation: Our morning expectations remain valid
Gold is still moving mildly downwards after the breakout below the uptrend which controlled the movements from 1044.00 as we discussed in the morning report. We still believe that areas of 1114.00 might be retested before resuming the downside move for the rest of the day, supported by our captured bearish harmonic formation 'AB=CD'.
The trading range for today is among the key support at 1075.00 and key resistance now at 1137.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
Support: 1102.00, 1098.00, 1095.00, 1092.00, 1088.00
Resistance: 1111.00, 1114.00, 1117.00, 1122.00, 1125.00
Recommendation: Based on the charts and explanations above our opinion is, selling gold from 1114.00 targeting 1095.00 and stop loss above 1128.00 might be appropriate
Silver
Silver is presently trading around 16.95 zones, where we believe that the negative pressure of the bearish harmonic AB=CD pattern might continue, supported by the negative candlesticks formation that we discussed this morning. Therefore, we hold on our expectations for the rest of the day.
The trading range for today is among the key support at 16.25 and key resistance now at 17.60.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
Support: 16.85, 16.77, 16.72, 16.65, 16.55
Resistance: 17.00, 17.05, 17.18, 17.25, 17.35
Recommendation: Our morning expectations remain valid
