Silver
Silver inclined yesterday, respecting our explained harmonic bullishness which was limited below the pivotal resistance of the short term basis at 13.88. Now, a downside correction is in favor, attempting to breach 13.60 zones pressured by the duplicated harmonic patterns as they still have targets to be reached around 12.85 zones. Note that Stochastic negative crossover already occurred supporting this bearish overview while TEMA and SMA 50 are negatively pressuring the metal.
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: 13.65, 13.60, 13.48, 13.40, 13.35
Resistance: 13.80, 13.88, 13.96, 14.02, 14.15
Recommendation: According to our analysis, sell silver at 13.75 with targets at 13.20 and stop loss at 14.17.
Gold
After reaching the full target of the CD leg of our detected short term harmonic Bat pattern at 946.00, the metal started to form a bearish candlestick structure accompanied by a strong resistance provided by the upper line of the bearish channel as seen on the above four-hour chart. Therefore we think that a downside correction will be the scenario of the intraday basis, supported by the negative overlapping sign appears on Stochastic and RSI-RVI combination.
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: 935.00, 930.00, 927.00, 922.00, 916.00
Resistance: 942.00, 948.00, 952.00, 956.00, 963.00
Recommendation: According to our analysis, sell gold at 940.00 with targets at 924.00 and stop loss at 953.00.
Ecpulse
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