The level of 31.25 was able to stop the bearishness, while silver returned to settle above 31.75. This was accompanied with positivity on Stochastic, indicating that the upside move might return today, affected by stability above the main resistance of the downside movement. But, consolidation above 32.85 and 33.15 is necessary to support our outlook. A breach of the mentioned level threatens the positive expectations.
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: 32.00, 31.75, 31.25, 30.85, 30.30
Resistance: 32.45, 32.85, 33.00, 33.15, 33.40
Recommendation Based on the charts and explanations above, our opinion is buying silver above 32.00, 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
The bearishness stopped in areas above 1643.00 and then returned to incline to settle above 1654.00. This is a positive sign that indicates the upside move is still available today, affected by the bullish technical structure in addition to the harmonic pattern mentioned in our weekly report. Consolidation above 1643.00 is necessary for our expectations to prevail.
The trading range for today is among the key support at 1624.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support: 1654.00, 1650.00, 1643.00, 1638.00, 1624.00
Resistance: 1666.00, 1673.00, 1681.00, 1690.00, 1694.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1654.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate
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