Gold

After touching the detected areas around 1068.00, gold started to decline once more. Therefore, we still keep our overview to the downside for the rest of the day, depending on the breakout of the daily uptrend under the negative pressure of SMA 50 and SMA 100 and we think that the bearish technical effect of the bearish harmonic AB=CD is to continue.

The trading range for today is among the key support at 1015.00 and key resistance now at 1107.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.

Support: 1047.00, 1042.00, 1037.00, 1034.00, 1025.00
Resistance: 1058.00, 1060.00, 1068.00, 1072.00, 1074.00
Recommendation: Based on the charts and explanations above our opinion is, selling gold from 1068.00 targeting 1045.00 and stop loss above 1085.00 might be appropriate.

Silver

Silver is trapped below the pivotal resistance areas of the 15.30-15.40, reviving that the bearishness which obtained from the breakout below uptrend line of the medium term basis is very strong. Thus, we keep our suggested overview to the downside for the rest of the day under the negative pressure of the negative overlapping for (SMA 50 and SAM 100).

The trading range for today is among the key support at 14.05 and key resistance now at 16.25.

The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.

Support: 15.00, 14.95, 14.85, 14.70, 14.60
Resistance: 15.10, 15.25, 15.35, 15.45, 15.60
Recommendation: Based on the charts and explanations above our opinion is, selling silver from 15.40 targeting 14.70 and stop loss above 15.95 might be appropriate.

Ecpulse

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