Silver

Silver is biased to the downside, but still the metal is trading within the sideway range between 34.40 and 32.95-80. A breach of the support level at 32.80 should confirm the downside movement, but we depend on the stability below 34.40 and 34.65 to expect more bearish attempts to breach the support level of the sideway range. Trading outside the ascending channel in addition to the negativity seen on momentum indicators are factors support our intraday expectations.

The trading range for today is among the key support at 31.00 and key resistance now at 35.70.

The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.

Support: 33.20, 33.00, 32.80, 32.45, 32.10
Resistance: 33.40, 33.75, 34.00, 34.25, 34.40

Recommendation Based on the charts and explanations above, our opinion is selling silver below 33.75, and take profit in stages at (32.80, 32.10 and 31.00) and stop loss with 4-hour closing above 34.40 might be appropriate.

Gold

The incline seen yesterday was limited in areas below the critical resistance of the downside movement, which triggered a breach of the ascending channel, where a breach of the support level of this movement shown above in red should be seen or the metal will form a continuation technical pattern. Today, we expect the downside movement to control the pair, where consolidation below EMA 50 and also below the resistance of 1735.00 in addition to the negativity seen on Stochastic are reasons drive us to remain negative today.

The trading range for today is among the key support at 1670.00 and key resistance now at 1794.00.

The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.

Support: 1718.00, 1711.00, 1706.00, 1700.00, 1694.00
Resistance: 1724.00, 1735.00, 1742.00, 1750.00, 1754.00

Recommendation Based on the charts and explanations above, our opinion is selling gold below 1724.00, and take profit in stages at (1706.00 and 1687.00) and stop loss with 4-hour closing above 1750.00 might be appropriate. In case the metal reached our stop loss point, our opinion is buying gold around 1750.00 and take profit in stages at 1763.00, 1772.00 and 1794.00 and stop loss with 4-hour closing below 1724.00 might be appropriate.

Ecpulse

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