Silver
Based on the 4-hour interval, we find that silver is trading within a sideway range that might form a symmetrical triangle pattern, where this pattern might be completed with a breach of 27.20. But at the same time, a breach of 28.90 pressures silver to exit the descending channel. In general, we expect that the metal might retest the level of 27.45 and 27.20 today, while a breach of these levels might support the metal to extend the downside movement . But still, a breach of 28.90 might trigger a new bullish attempt today.
The trading range for today is among the key support at 26.05 and key resistance now at 29.30.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
Support: 27.45, 27.20, 26.65, 26.05, 25.55
Resistance: 28.05, 28.60, 28.85, 29.05, 29.30
Recommendation Based on the charts and explanations above, our opinion is selling silver around 28.00 and taking profit in stages at 27.45, 27.20 and 26.15 and stop loss below 29.05 might be appropriate
Gold
Gold is moving in line with our suggested scenario, which consists of the Deep Crab harmonic pattern and the impulsive wave that supported the completion of the CD leg. With the start of this week, the metal attempts to retest the pattern`s first target at 1582.00. Furthermore, the metal was able to breach the resistance level, which drives us to expect an upside move based on stability above 1552 .00 . A breach of 1582.00, which represents 38.2% Fibonacci correction of the CD leg might trigger the suggested rebound in a new attempt to breach 1599.00 and reaching the pattern`s second target at 61.8% Fibonacci correction as shown above.
The trading range for this week is among the key support at 1510.00 and key resistance now at 1624.00.
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with a weekly closing.
Support: 1573.00, 1568.00, 1552.00, 1540.00, 1532.00
Resistance: 1579.00, 1582.00, 1590.00, 1594.00, 1600.00
Recommendation Based on the charts and explanations above, our opinion is buying gold around 1573.00 targeting 1599.00 and 1616.00 and stop loss with 4-hour closing below 1552.00 might be appropriate this week
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Based on the 4-hour interval, we find that silver is trading within a sideway range that might form a symmetrical triangle pattern, where this pattern might be completed with a breach of 27.20. But at the same time, a breach of 28.90 pressures silver to exit the descending channel. In general, we expect that the metal might retest the level of 27.45 and 27.20 today, while a breach of these levels might support the metal to extend the downside movement . But still, a breach of 28.90 might trigger a new bullish attempt today.
The trading range for today is among the key support at 26.05 and key resistance now at 29.30.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
Support: 27.45, 27.20, 26.65, 26.05, 25.55
Resistance: 28.05, 28.60, 28.85, 29.05, 29.30
Recommendation Based on the charts and explanations above, our opinion is selling silver around 28.00 and taking profit in stages at 27.45, 27.20 and 26.15 and stop loss below 29.05 might be appropriate
Gold
Gold is moving in line with our suggested scenario, which consists of the Deep Crab harmonic pattern and the impulsive wave that supported the completion of the CD leg. With the start of this week, the metal attempts to retest the pattern`s first target at 1582.00. Furthermore, the metal was able to breach the resistance level, which drives us to expect an upside move based on stability above 1552 .00 . A breach of 1582.00, which represents 38.2% Fibonacci correction of the CD leg might trigger the suggested rebound in a new attempt to breach 1599.00 and reaching the pattern`s second target at 61.8% Fibonacci correction as shown above.
The trading range for this week is among the key support at 1510.00 and key resistance now at 1624.00.
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with a weekly closing.
Support: 1573.00, 1568.00, 1552.00, 1540.00, 1532.00
Resistance: 1579.00, 1582.00, 1590.00, 1594.00, 1600.00
Recommendation Based on the charts and explanations above, our opinion is buying gold around 1573.00 targeting 1599.00 and 1616.00 and stop loss with 4-hour closing below 1552.00 might be appropriate this week
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