Silver

Yesterday's clear bearish candlestick formation indicated that, the bearish harmonic AB=CD pattern has been completed, taking it sharply downwards and it is still has southern targets to be reached. We see how 61.8% Fibonacci retracement from 18.82 to 14.63 proved its strength. Silver probably will move to the downside more over intraday basis as far as the areas between 17.60-17.70 remain intact. Trend and momentum indicators support our negative scenario.

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: 17.05, 17.00, 16.90, 16.85, 16.77
Resistance: 17.18, 17.25, 17.35, 17.44, 17.55

Recommendation Based on the charts and explanations above our opinion is, selling silver from 17.20 targeting 16.70 and stop loss above 17.60 might be appropriate.

Gold

Areas of 76.4% Fibonacci from 1162.00 to 1044.00, which met 127% Fibonacci level of BC leg for the bearish harmonic AB=CD pattern has proved its solidity. Gold moved downwards aggressively, respecting our yesterday's explained scenario. It formed a long black candlestick as seen on the provided daily chart, reviving the negative harmonic pressure is to continue and therefore further bearishness could be seen over intraday basis.

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: 1117.00, 1111.00, 1109.00, 1107.00, 1102.00
Resistance: 1125.00, 1128.00, 1132.00, 1137.00, 1142.00

Recommendation Based on the charts and explanations above our opinion is, selling gold from 1122.00 targeting 1102.00 and stop loss above 1137.00 might be appropriate.

Ecpulse

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