The ascending support on MACD indicates that the upside reversal seen earlier is still effective, while the metal might form a bullish technical structure in case it settled above the suggested neckline of the pattern at 33.00. The metal attempts to confirm the suggested structure since breaching the descending resistance of another bullish technical structure. Any trading above 31.25 supports the upside move to remain valid, while any trading above 31.75 is much better for our expectations to prevail over weekly basis.
The trading range for this week 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: 32.15, 32.00, 31.75, 31.25, 30.85
Resistance: 32.85, 33.00, 33.20, 33.75, 34.00
Recommendation Based on the charts and explanations above, our opinion is buying silver above 32.15, and take profit in stages at 33.00 and 34.40 and stop loss with 4-hour closing below 31.25 might be appropriate
As shown above on the daily chart, we find that the bullish 0-5 harmonic pattern is still valid, where this pattern usually supports the metal to reach above the top of (C) point. Consolidation above 1624.00 is required for this pattern to remain valid, while any trading above this level suggests further incline during this week. The metal is facing a critical resistance at 1690.00, while consolidation above this resistance might trigger a strong rebound.
The trading range for this week is among the key support at 1590.00 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: 1666.00, 1662.00, 1656.00, 1650.00, 1642.00
Resistance: 1673.00, 1681.00, 1690.00, 1694.00, 1703.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1662.00, targeting 1690.00, 1703.00 and 1735.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.
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