Silver

Silver slipped sharply from the extended PRZ 'potential reversal zones' of our bearish harmonic AB=CD pattern. The candlestick structure alongside negative crossover appearing on momentum indicator argues us to say that, more negative actions might come over intraday basis. The technical target of the pattern reside around 16.40-16.35 zones.

The trading range for today is among the key support at 16.25 and key resistance now at 17.60.

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

Support: 16.77, 16.72, 16.65, 16.55, 16.45
Resistance: 16.95, 17.00, 17.05, 17.18, 17.25

Recommendation Based on the charts and explanations above our opinion is, selling silver from 16.95 targeting 16.35 and stop loss above 17.40 might be appropriate.

Gold

From yesterday's defined level of 1128.00, gold declined sharply activating our previous explained four-hour Elliott count, taking it to the technical objective at 1108.00-check yesterday's report-. Now, the negative harmonic AB=CD structure of the daily charts shows how gold has been able to breach the uptrend line and additional bearishness could be seen over intraday basis. Note that, 1114.00 zones might be tested before resuming the downside rally.

The trading range for today is among the key support at 1075.00 and key resistance now at 1137.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.

Support: 1102.00, 1098.00, 1095.00, 1092.00, 1088.00
Resistance: 1111.00, 1114.00, 1117.00, 1122.00, 1125.00

Recommendation Based on the charts and explanations above our opinion is, selling gold from 1114.00 targeting 1095.00 and stop loss above 1128.00 might be appropriate.

Ecpulse

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