Silver
Silver collapsed downwards, negatively influenced by the bearish harmonic AB=CD pattern as seen on the provided daily chart. Now, the negative crossover appearing on SMA 50 and SMA 100 might bring additional bearishness, targeting 13.90, followed by 13.35 zones. The weekly candlestick formation on the secondary image supports the potential bearish anticipation.
The trading range for this week is among the key support at 13.35 and key resistance now at 16.60.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
Support: 14.80, 14.60, 14.45, 14.35, 13.90
Resistance: 15.30, 15.55, 15.65, 15.85, 16.00
Recommendation Based on the charts and explanations above our opinion is, selling silver from 15.35 targeting 1390 and stop loss above 16.25 might be appropriate.
Gold
Gold succeeded in reaching the first detected technical objective at 1045.00 zones. Now, we believe that the pivotal resistance areas of 1074.00 could be retested before resuming the possible bearishness during this week. These potential downside actions are based on our Elliott count as the metal might complete the first corrective wave [A wave] at 1015.00 zones of the medium term basis. The secondary image of the candlestick formation supports this overview.
The trading range for this week is among the key support at 1000.00 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: 1060.00, 1052.00, 1042.00, 1037.00, 1025.00
Resistance: 1072.00, 1074.00, 1077.00, 1085.00, 1095.00
Recommendation Based on the charts and explanations above our opinion is, selling gold from 1174.00 targeting 1015.00 and stop loss above 1125.00 might be appropriate
Ecpulse
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