Gold

Gold has declined after reaching the pivotal resistance areas of 940.00 which represent the upper line of our captured bearish channel as seen on the above four-hour chart, confirming our anticipated bearishness on the intraday basis. Now, further downside movements are expected for the rest of the day based on the negative candlestick structure which activated the Stochastic overlapping. A decisive breakout below 930.00 zones will accelerate this scenario.

The trading range for today is among the key support now at 902.00 and key resistance now at 974.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 930.00, 927.00, 922.00, 916.00, 912.00
Resistance: 938.00, 942.00, 948.00, 956.00, 963.00
Recommendation: Our morning position is still in progress.

Silver

Silver declined aggressively, activating the bearish scenario via breaching the initial support areas of 13.60, forming a long black candlestick pattern. Now, this negative action is expected to continue for the rest of the day as the bigger technical picture offers the possibility of resuming the bearish crab pattern, which has a downside target pointing to 12.85 zones. TEMA and SMA 50 are protecting the scenario and functioning as a ceiling for the price for the time being.

The trading range for today is among the key support at 12.84 and key resistance now at 14.60.

The general trend is to the upside as far as 10.95 remains intact with targets at 16.85.

Support: 13.40, 13.35, 13.25, 13.12, 13.00
Resistance: 13.50, 13.60, 13.65, 13.77, 13.88
Recommendation: Our morning position is still in progress.

Ecpulse

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