Gold
Morning report
Moving steadily above the pivotal resistance, which turned into support around 1198.00, has been able to confirm the bigger daily harmonic picture, seen on our provided chart. The metal approached our yesterday's technical target around 1230.00. Presently, we think that the door is opened for additional bullishness; targeting 1235.00 zones followed by 1249.00 to resume the CD leg of our detected AB=CD pattern. To recap, the intraday is bullish but we cannot neglect the chance for a mild correction towards the broken resistance of 1215.00, before resuming the upside rally. For more details-click here-.
The trading range for today is among the key support at 1185.00 and key resistance now at 1249.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
| Support | 1215.00 | 1207.00 | 1198.00 | 1196.00 | 1187.00 |
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| Resistance | 1226.00 | 1228.00 | 1230.00 | 1235.00 | 1242.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying gold from 1216.00 targeting 1235.00 and stop loss below 1199.00 might be appropriate. |
Silver
Morning report
According to our short term Elliott count for the impulsive wave that started at 17.60 zones; we believe that silver is presently forming the 4th wave, which is targeting the key support level of 18.90-18.95 zones. Note that the continuation of the upside rally should start from this area to complete the aforesaid cycle. Thereby, we keep the potential bullish scenario over intraday basis, which is targeting 19.80 zones. Areas of 18.60 should hold to keep our positive scenario valid.
The trading range for today is among the key support at 18.05 and key resistance now at 20.15.
The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.
| Support | 19.15 | 19.00 | 18.85 | 18.75 | 18.66 |
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| Resistance | 19.25 | 19.35 | 19.42 | 19.50 | 19.65 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying silver from 18.95 targeting 19.60 and stop loss below 18.40 might be appropriate. |