Silver is trading within critical level around 32.85, which represents a critical barrier that separates between the bullish harmonic pattern and the bearish technical pattern shown on the chart provided in the weekly report. MACD provided a positive crossover, while the metal is currently above the main descending resistance, which indicates that the upside move might continue today. But, a downside correction is possible as RSI is almost within overbought area, but in general any trading above 31.75 supports the suggested upside move.
The trading range for today is among the key support at 30.30 and key resistance now at 34.40.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
Support: 32.45, 32.10, 31.75, 31.25, 31.00
Resistance: 32.85, 33.00, 33.15, 33.40, 33.65
Recommendation Based on the charts and explanations above, our opinion is buying silver above 32.45, and take profit in stages at 32.85, 33.65 and 34.40 and stop loss with 4-hour closing below 31.25 might be appropriate
Gold inclined affected by the bullish technical structure shown above and also by the harmonic scenario mentioned in our weekly report. The incline seen triggered positive crossover on EMA 20 and 50; the thing that indicates that the metal will rebound to the upside. Therefore, we still expect the upside move to extend today as long as gold is stable above 23.6% Fibonacci correction shown above at 1666.00 and 1656.00 mentioned in our weekly report.
The trading range for today is among the key support at 1624.00 and key resistance now at 1735.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support: 1681.00, 1673.00, 1666.00, 1656.00, 1650.00
Resistance: 1690.00, 1694.00, 1700.00, 1703.00, 1706.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1681.00, targeting 1694.00, 1709.00 and 1728.00 and stop loss with 4-hour closing below 1656.00 might be appropriate.
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