Silver
Silver also collapsed downwards, approaching the defined technical target of 17.20, influenced by the hourly bearish harmonic [Bat] pattern as we discussed yesterday. Now, breaching the uptrend line of this harmonic structure has cleared the path for further bearishness over the intraday basis. Note that the current correctional movement may extend towards 17.55-17.60 zones in order to re-test the broken trend line before resuming the downside rally, targeting 16.90 zones.
The trading range for today is among the key support at 16.40 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, 17.67, 17.76, 17.80
Recommendation: Based on the charts and explanations above our opinion is, selling silver from 17.55 targeting 16.90 and stop loss above 18.10 might be appropriate
Gold
Three dollars separated between yesterday's recorded low of 1051.00 and our first detected technical target of the internal [C] wave of our captured Elliott sequence-check the analysis here-. Now, further declines are to be witnessed over the intraday basis, particularly after breaching the harmonic uptrend line of the hourly bearish formation as shown on the secondary image. AROON up has penetrated the value of 70.00 downwards, supporting our scenario which is targeting 1025.00 areas.
The trading range for today is among the key support now at 1009.00 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: 1053.00, 1047.00, 1042.00, 1035.00, 1025.00
Resistance: 1058.00, 1062.00, 1066.00, 1070.00, 1074.00
Recommendation: Based on the charts and explanations above our opinion is, selling gold from 1058.00 targeting 1042.00 and stop loss above 1071.00 might be appropriate.
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