Gold
As we mentioned, the metal is building the right shoulder of the classical head and shoulders top pattern as seen on the above four-hour chart. Now, its facing the upper line of the recently established bearish channel that we think will be capable of forcing the metal to move downwards for the rest of the day to resume the suggested Elliott cycle.
The trading range for today is among the key support now at 1006.00 and key resistance now at 1100.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1129.00.
Support: 1050.00, 1045.00, 1042.00, 1037.00, 1030.00
Resistance: 1058.00, 1062.00, 1066.00, 1070.00, 1074.00
Recommendation: Our mornig expectations remain valid
Silver
As we discussed in our morning report, the metal has retested the previous broken support level of 17.50. Now, we think that the strength of the potential reversal zone for the bearish harmonic pattern is to force the metal to the downside targeting 16.70 -61.8% fibonacci level of CD leg-. Areas of 17.90 should hold to keep the negative outlook valid.
The trading range for today is among the key support at 16.45 and key resistance now at 18.50.
The general trend is to the upside as far as 12.45 remains intact with targets at 19.40.
Support: 17.35, 17.28, 17.16, 17.05, 17.00
Resistance: 17.52, 17.60, 17.70, 17.76, 17.80
Recommendation: Our mornig expectations remain valid
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