Gold
Morning report
The bullish pattern was and still is clear and exactly as we explained in our previous reports gold succeeded to breach our yesterday expected point at (950.00-952.00) easily in the second technical try. Today’s overview will remain to the upside toward 1000.00 psychological levels as a first target for this incline and this will not change as far as the price settle above the intraday support now at 916.00.
Our bullish expectation is based on:
1- The bullish pattern as shown on the above chart.
2- Stability above ICHIMOKU cloud.
3- Gator oscillator bullish signals.
The trading range for today is among the key support now at 916.00 and key resistance now at 1000.00 psychological level.
The general trend is to the upside as far as 856.00 remains intact with targets at 1035.00.
| Support | 952.00 | 947.00 | 943.00 | 935.00 | 925.00 |
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| Resistance | 965.00 | 973.00 | 980.00 | 988.00 | 1000.00 |
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| Recommendation | According to our analysis, we believe that it is good to buy gold with a four hour close above 962.00 with targets at 988.00and stop loss with a four hour close below 943.00. |
Silver
Morning report
Silver respected our previous reports in which we expected this upward move which breached the Fibonacci expansion level at 13.60 (check previous report here)based on lots of bullish signals as shown on the above chart. The most important point now is the daily close which we need to watch it carefully.
A clear close with stability above 13.88 areas will push silver to incline in the medium term towards 16.00-16.50 areas.
The trading range for today is among the key support at 12.95 and key resistance now at 14.70.
The general trend is to the upside as far as 12.00 remains intact with targets at 16.50.
| Support | 13.74 | 13.65 | 13.55 | 13.45 | 13.35 |
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| Resistance | 13.95 | 14.08 | 14.30 | 14.50 | 14.70 |
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| Recommendation | Risk is too high today,we will wait for today's close. |