Silver

Silver approached the detected technical objective of our yesterday's scenario as seen on the provided daily chart. The bounce from 16.85 to the current levels couldn't change the bearish harmonic effect as the PRZ' potential reversal zones' hadn't been breached yet but we need a decisive breakout below 17.30 to confirm the potential bearish overview over intraday basis.

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.

Gold

Gold declined sharply yesterday and it was very close to our yesterday's projected objective at 1102.00. The Elliott studies over short term basis shows that, the rebound from 1108.00 was needed to form the internal 4th wave for the first corrective wave 'A'. Thus; we believe that, these inclines from 1108.00 to the current level will ease the path to achieve a new descending wave to complete the correction. Consequently, potential downside movements 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: 1122.00, 1117.00, 1111.00, 1108.00, 1102.00
Resistance: 1125.00, 1128.00, 1132.00, 1137.00, 1144.00

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.

Ecpulse

disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk