Silver declined yesterday, yet the metal is still stable in areas above the levels of 31.75 and 31.25 mentioned in our weekly report. Furthermore, the metal is still stable above the main resistance of the downside movement. We might recognize another bullish technical structure, but this pattern depends on a breach of 32.85 and 33.00. In general, our morning expectations remain valid as long as the metal is stable above 31.75 today and above 31.25 during the coming period.
The trading range for today is among the key support at 31.25 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, 32.00, 31.75, 31.25
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 declined due to the overbought signs seen on momentum indicators, but this decline helped us in recognizing an intraday harmonic structure that might be a bullish 0-5 harmonic pattern. This pattern supports the classic pattern mentioned in our weekly report. Any trading above 1654.00 suggests the return of the upside significantly, but at the same time, we expect the downside correction to extend slightly before the suggested upside move. A breach of 1643.00 should negate our positive scenario.
The trading range for today is among the key support at 1624.00 and key resistance now at 1709.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support: 1673.00, 1666.00, 1662.00, 1656.00, 1650.00
Resistance: 1681.00, 1690.00, 1694.00, 1700.00, 1703.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1666.00, targeting 1694.00, 1709.00 and 1728.00 and stop loss with 4-hour closing below 1643.00 might be appropriate.
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