Gold
Morning Report
Gold is still forming the forth wave of our captured Elliott sequence for the IM that started at 1125.00. According to our suggested internal count; this 4th wave is to be completed around 1074.00 zones, where the fifth might start. The mixture between Elliott studies and Camarilla lines shows that areas of 1074.00 represent a very solid resistance. Thereby, potential bearish actions might be seen from there over intraday basis.
The trading range for today is among the key support at 1132.00 and key resistance now at 1107.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
Weekly Report Previous Report
| Support | 1065.00 | 1060.00 | 1058.00 | 1052.00 | 1044.00 |
|
| Resistance | 1072.00 | 1074.00 | 1084.00 | 1088.00 | 1093.00 |
|
| Recommendation | Based on the charts and explanations above our opinion is, selling gold from 1074.00 targeting 1056.00 and stop loss above 1085.00 might be appropriate. |
Silver
Morning Report
It seems that the metal is currently forming the CD leg for the harmonic AB=CD pattern, seen on the provided four-hour chart. We believe that silver might retest the broken cluster support areas turned into resistance at 15.35-15.40, where a new descending wave might occur, targeting 14.50 zones, where the harmonic structure could be completed. Henceforth, potential bearish movements might be witnessed over intraday basis.
The trading range for today is among the key support at 14.15 and key resistance now at 16.25.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
Weekly Report Previous Report
| Support | 15.05 | 14.90 | 14.85 | 14.80 | 14.70 |
|
| Resistance | 15.25 | 15.30 | 15.35 | 15.44 | 15.52 |
|
| Recommendation | Based on the charts and explanations above our opinion is, selling silver from 15.25 targeting 14.60 and stop loss above 15.80 might be appropriate. |