Silver declines to currently approach areas around 31.75, which represents a critical barrier facing the metal. Despite the fact that stability above 31.25 supports the impact of the bullish butterfly harmonic pattern to continue, but at the same time, the metal failed several times to still above 32.85, indicating that the bearish technical pattern is still affecting the metal. Therefore, silver is expected to rebound again, affected by the butterfly harmonic pattern, but a breach of 31.25 and consolidation below it could negate our positive outlook.
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: 31.75, 31.25, 31.00, 30.85, 30.30
Resistance: 32.10, 32.45, 32.85, 33.00, 33.15
Recommendation Based on the charts and explanations above, our opinion is buying silver above 31.75, and take profit in stages at 32.45, 32.85 and 33.65 and stop loss with 4-hour closing below 31.25 might be appropriate
Gold declined to currently trade in areas between 1662.00 and 1654.00, where these levels represents the potential reversal zone, noting that the bullish 0-5 harmonic pattern is still under formation and support the bullish classic structure as shown above on the chart. Stochastic is almost within overbought areas, but RSI is negative. Therefore, we expect an upside move today, but consolidation above 1673.00 is necessary to support this outlook. A breach of 1643.00 weakens the upside move, while a breach of 1624.00 should negate our expectations.
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: 1654.00, 1650.00, 1638.00, 1624.00, 1610.00
Resistance: 1662.00, 1666.00, 1673.00, 1681.00, 1690.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1650.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.
disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk