Silver
Silver is moving between 61.8% and 76.4% Fibonacci levels of CD leg of the harmonica [Bat] pattern as seen on the provided daily chart. A pullback is needed before resuming the upside rally. Hence a potential downside corrective action is still in favor on the intraday basis based on the bearish harmonic formation appears on the secondary four-hour chart, supported by negative sign of OsMA.
The trading range for today is among the key support at 16.25 and key resistance now at 18.45.
The general trend is to the upside as far as 12.45 remains intact with targets at 19.40.
Support: 17.40, 17.35, 17.25, 17.18, 17.12
Resistance: 17.53, 17.60, 17.65, 17.72, 17.77
Recommendation: Based on the charts and explanations above our opinion is, selling silver from 17.50 targeting 16.95 and stop loss above 17.95 might be appropriate.
Gold
Gold is trapped within a very tight range, preparing for a downside correction based on facing the upper line of the ascending channel, the strong resistance around 1097.00 [161.8% Fibonacci of BC leg] for the daily bearish harmonic AB=CD pattern and the negative divergence appears on OsMA. Therefore we retain for a potential pullback over intraday basis, targeting 1069.00 before resuming the upside rally.
The trading range for today is among the key support at 1034.00 and key resistance now at 1155.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1155.00.
Support: 1085.00, 1080.00, 1074.00, 1069.00, 1066.00
Resistance: 1094.00, 1097.00, 1101.00, 1107.00, 1113.00
Recommendation: Based on the charts and explanations above our opinion is, selling gold from 1092.00 targeting 1074.00 and stop loss above 1107.00 might be appropriate.
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