Gold

Gold succeeded in re-testing the broken support areas of 1074.00 -Camarillas' H3 level- from below, where it started to decline steadily. The mixture of studies between Elliott sequence and Camarilla lines proved that it might have placed the 4th wave of the descending wave that started from 1125.00; where the fifth is needed to complete the IM formation. Thereby, potential bearish actions might be seen for the rest of the day.

The trading range for today is among the key support at 1032.00 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: 1065.00, 1060.00, 1058.00, 1052.00, 1044.00
Resistance: 1072.00, 1074.00, 1084.00, 1088.00, 1093.00
Recommendation: Based on the charts and explanations above our opinion is, selling gold from 1072.00 targeting 1056.00 and stop loss above 1085.00 might be appropriate.

Silver

After touching the pivotal resistance areas -previous support- of 15.30-15.35, the metal started to descend gradually. Henceforth, we believe that the bearishness obtained from the bearish harmonic AB=CD pattern and the negative crossover for SMA 50 and SM100 is to continue, while the secondary weekly chart confirms this proposed negative scenario over intraday basis.

The trading range for today is among the key support at 14.15 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: 15.05, 14.90, 14.85, 14.80, 14.70
Resistance: 15.25, 15.30, 15.35, 15.44, 15.52
Recommendation: Based on the charts and explanations above our opinion is, selling silver from 15.25 targeting 14.60 and stop loss above 15.80 might be appropriate.

Ecpulse

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