Silver inclined affected by the breach of 127.2% Fibonacci of the CD leg of the bullish Bat harmonic pattern and the breach of the main resistance of the downside movement. Momentum indicators are excessively overbought, which could trigger heavy fluctuations and maybe some downside corrections, but at the same time, any trading above 35.70 suggests an upside moving, testing areas around 161.8% Fibonacci of the Bat pattern at 38.30.
The trading range for today is among the key support at 33.65 and key resistance now at 39.45.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
Support: 36.80, 36.20, 35.70 ,35.05, 34.65
Resistance: 37.25, 37.40, 37.80, 38.30, 39.45
Recommendation Based on the charts and explanations above, our opinion is buying silver around 36.80, and take profit in stages at 37.25 and 38.30 and stop loss with 4-hour closing below 35.70 might be appropriate
Gold inclines gradually affected by the bullish double harmonic structure, where this incline lifted the metal to the upside, reaching areas around the resistance of 1790.00-94.00. Stochastic is almost within overbought areas, but the indicator didn’t provide any positive crossover, while the harmonic structure remains effective as long as the metal is stable above 1763.00, especially when ADX shows stable strength of the upside move. Therefore, our positive expectations for gold remain valid today.
The trading range for today is among the key support at 1747.00 and key resistance now at 1828.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support: 1780.00, 1777.00, 1772.00, 1768.00, 1763.00
Resistance: 1790.00, 1794.00, 1810.00, 1815.00, 1828.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1777.00, and take profit in stages at 1794.00, 1815.00 and 1828.00 and stop loss with 4-hour closing below 1763.00 might be appropriate.
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