Silver

In accordance with our suggested bullishness that we discussed on Friday, silver inclined sharply, interpreting the effect of the breakout above the sensitive resistance-current support-19.45 zones. The stable move above these areas and the suggested Elliott sequence, which offers the probability of forming the fifth wave of the IM structure; thus more ascending movements could be seen during this week. Stochastic still supports our overview. Note that a break of the psychological levels of 20.00 will clear the path towards 20.50 zones.

The trading range for this week is among the key support at 18.95 and key resistance now at 20.80.

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: 19.85, 19.75, 19.65, 19.45, 19.30
Resistance: 20.00, 20.05, 20.25, 20.35, 20.50

Recommendation Based on the charts and explanations above our opinion is, buying silver around 19.80 targeting 20.50 and stop loss below 19.25 might be appropriate.

Gold

After touching the lower line of the ascending channel that carries the suggested IM wave from 1156.00 zones, gold inclined once more, suggesting the above seen internal count. We see that the internal second wave of the bigger five has been completed, and thus potential upside movement could be witnessed during this week. A break of 1255.00-1258.00 could add further strength to the bullish rally and whilst SMA 50 is presently protecting our Elliott scenario.

The trading range for this week is among the key support at 1210.00 and key resistance now at 1277.00.

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

Support: 1237.00, 1232.00, 1228.00, 1222.00, 1219.00
Resistance: 1249.00, 1252.00, 1255.00, 1265.00, 1274.00

Recommendation Based on the charts and explanations above our opinion is, buying gold around 1242.00 targeting 1274.00 and stop loss below 1222.00 might be appropriate.

Ecpulse

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