Gold

Gold declined sharply, proving that the negative pressure of the bearish harmonic AB=CD pattern is still in favor and therefore additional downside actions could be seen for the rest of the day. Indicators support our overview.

The trading range for today is among the key support at 1098.00 and key resistance now at 1144.00.

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

Support: 1111.00, 1109.00, 1107.00, 1102.00, 1098.00
Resistance: 1120.00, 1122.00, 1125.00, 1127.00, 1132.00
Recommendation: Our morning expectations remain valid

Silver

Silver also is still negatively influenced by the previous explained bearish harmonic AB=CD pattern as seen on the provided daily chart. We keep our negative scenario for the rest of the day while the negative crossover on Stochastic supports our speculation.

The trading range for today is among the key support at 16.45 and key resistance now at 17.65.

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

Support: 16.95, 16.90, 16.85, 16.77, 16.72
Resistance: 17.05, 17.18, 17.25, 17.30, 17.35
Recommendation: Our morning expectations remain valid

Ecpulse

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