Silver

Silver attacked the pivotal resistance areas around 19.45 and that is why the movements are very slow but the positive signs of the swing trend are still appearing. For instance, AROON shows the strength of the uptrend that might activate the bullishness of the fifth wave of the proposed Elliott sequence. Thereby, we keep our bullish outlook unchanged over intraday basis as far as 18.80 zones remain intact.

The trading range for today is among the key support at 18.80 and key resistance now at 19.85.

The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.

Support: 19.30, 19.25, 19.20, 19.10, 19.00
Resistance: 19.40, 19.55, 19.65, 19.70, 19.85

Recommendation Based on the charts and explanations above our opinion is, buying silver with a breakout above 19.45 targeting 20.05 and stop loss below 18.95 might be appropriate.

Gold

In accordance with our yesterday's explained scenario, gold went mildly downwards around 1242.00 zones, Relieving momentum indicators. Now, we believe that possible ascending movements could be witnessed over intraday basis in order to resume the last of wave or rather the fifth wave of the captured Elliott count that started at 1156.00 as seen on the provided four hour chart. We see chances for retesting 1242.00 zones once more to be able to achieve a positive overlapping for Stochastic indicator, which is already moving within oversold areas, adding further strength for the anticipated scenario.

The trading range for today is among the key support at 1226.00 and key resistance now at 1265.00.

The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.

Support: 1242.00, 1239.00, 1237.00, 1235.00, 1232.00
Resistance: 1249.00, 1252.00, 1256.00, 1258.00, 1265.00

Recommendation Based on the charts and explanations above our opinion is, buying gold around 1242.00 targeting 1258.00 and stop loss below 1228.00 might be appropriate.

Ecpulse

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