Gold
Morning Report
Gold obeyed our yesterday's technical overview, heading towards the support line of the ascending channel first, then jumping to breach the first resistance levels of 1255.00. After this action occurred, it became confirmed more that the IM structure will continue towards its projected objective around 1277.00. Henceforth, potential upside movements could be seen over intraday basis.
The trading range for today is among the key support at 1232.00 and key resistance now at 1277.00.
The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.
Previous Report
Weekly Report
| Support | 1252.00 | 1249.00 | 1245.00 | 1242.00 | 1237.00 |
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| Resistance | 1258.00 | 1265.00 | 1270.00 | 1274.00 | 1277.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1254.00 targeting 1276.00 and stop loss below 1237.00 might be appropriate. |
Silver
Morning Report
Potential ascending triangle pattern started to appear on the four hour chart as seen on the secondary image, and thus the metal needs a breakout above 19.95-resistance line of the classical pattern- to achieve additional upside movements that we discussed in details in our weekly report. The IM formation could continue over intraday basis and thus more bullishness is in favor.
The trading range for today is among the key support at 19.40 and key resistance now at 20.50.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
Previous Report
Weekly Report
| Support | 19.75 | 19.65 | 19.55 | 19.45 | 19.30 |
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| Resistance | 19.95 | 20.00 | 20.05 | 20.25 | 20.35 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying silver around 19.80 targeting 20.40 and stop loss below 19.35 might be appropriate. |