Gold
Morning report
According to our same captured Elliott sequence, gold inclined to 1067.00, where we see that the internal [b] wave has been placed and now the metal is preparing to start the internal [c] wave to complete the 4th wave, targeting 1025.00 zones. The hourly bearish harmonic [Bat] pattern supports the negative anticipation over the intraday basis as seen on the secondary image.
The trading range for today is among the key support now at 1025.00 and key resistance now at 1129.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1129.00.
| Support | 1062.00 | 1058.00 | 1053.00 | 1047.00 | 1042.00 |
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| Resistance | 1066.00 | 1070.00 | 1074.00 | 1080.00 | 1085.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling gold from 1066.00 targeting 1048.00 and stop loss above 1080.00 might be appropriate. |
Silver
Morning report
Silver also has formed an ideal bearish [Bat] pattern on the hourly time scale, supporting the bigger bearish picture of yesterday's discussed harmonic structure. We see that the strong resistance of 76.4% Fibonacci in addition to the bearish engulfing candlestick pattern is able to force the metal to move downwards on the intraday basis. Stochastic supports the negative scenario for today.
The trading range for today is among the key support at 16.65 and key resistance now at 18.60.
The general trend is to the upside as far as 12.45 remains intact with targets at 19.40.
| Support | 17.70 | 17.65 | 17.58 | 17.52 | 17.43 |
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| Resistance | 17.89 | 17.97 | 18.03 | 18.10 | 18.25 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling silver from 17.85 targeting 17.20 and stop loss above 18.40 might be appropriate. |