Gold

Gold is fluctuating within a narrow rang between 1120.00 and 1127.00 zones, while Elliott studies show that it is moving within a corrective wave "4th from A". Thus, we hold on the morning expectations, waiting for a clear bearish sign from the areas shown on the above image.

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: 1122.00, 1117.00, 1111.00, 1108.00, 1102.00
Resistance: 1128.00, 1132.00, 1137.00, 1144.00, 1149.00
Recommendation: Based on the charts and explanations above our opinion is, selling gold from 1128.00 targeting 1108.00 and stop loss above 1144.00 might be appropriate.

Silver

As we mentioned in our technical messages, silver is moving within a sideways trading range between 17.25 and 17.40; a clear breakout and stable move below 17.35 is needed to confirm that the bearish effect of AB=CD pattern will continue. Henceforth, we hold on the morning expectations for the rest of the day.

The trading range for today is among the key support at 16.65 and key resistance now at 17.90.

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

Support: 17.35, 17.30, 17.25, 17.18, 17.05
Resistance: 17.50, 17.55, 17.62, 17.70, 17.85
Recommendation: Based on the charts and explanations above our opinion is, selling silver with a breakout below 17.30 targeting 16.70 and stop loss above 17.70 might be appropriate.

Ecpulse

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