Gold
Gold is moving between the two key levels today 1006.00 and 1013.00 -127% Fibonacci of XA leg- for the duplicated bearish harmonic pattern. Hence, we still keep our overview to the downside based on yesterday's negative closing below the mentioned Fibonacci level. A break of 1006.00 will confirm our anticipation, supported by momentum and trend indicators' negative signs.
The trading range for today is among the key support now at 976.00 and key resistance now at 1060.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1044.00.
Support: 1009.00, 1006.00, 1002.00, 998.00, 992.00
Resistance: 1017.00, 1022.00, 1025.00, 1033.00, 1035.00
Recommendation: Our mornig expectations remain valid
Silver
Silver is trapped below the key resistance level over intraday basis at 16.85, supporting the bearish anticipation for today which is based on the bearish harmonic pattern. The negative signs on indicators support that further bearishness is to come. A break to the momentum trend line will confirm the scenario.
The trading range for today is among the key support at 15.50 and key resistance now at 17.90.
The general trend is to the upside as far as 10.95 remains intact with targets at 18.50.
Support: 16.65, 16.60, 16.55, 16.47, 16.36
Resistance: 16.80, 16.85, 16.98, 17.05, 17.15
Recommendation: Our mornig expectations remain valid
Crude oil is trading within a narrow range ever since this morning, where it hasn’t been able to go through the awaited bullish correction till now, while trading continues to surround the main support level 68.00. Our morning expectations remain intact, for a bullish correction not exceeding 70.00 and then trading will reverse to the downside breaching the key support level at 68.00 opening the way to head towards 61.00 - 63.00 levels. However, the new downside move requires the daily closing to remain below level 70.00.
The trading range for today is among the key support at 65.20 and the key resistance at 73.00.
The general trend is to the upside as far as 47.20 remains intact with targets at 85.00.
Support: 68.00, 67.00, 66.30, 65.50, 64.65
Resistance: 68.85, 69.40, 70.00, 71.65, 72.10
Recommendation: Based on the charts and explanations above our opinion is buying oil with the breach of 68.85 and targeting 70.00 and stop loss below 68.00, might be appropriate
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