The metal is trading with narrow levels around EMA 50, but Stochastic approaches overbought areas, but without triggering any bullish wave. Therefore, our morning expectations remain as they are, noting that consolidation below 1763.00 in general and below 1750.00 over intraday basis support our expectations.
The trading range for today is among the key support at 1670.00 and key resistance now at 1794.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
|Recommendation||Based on the charts and explanations above, our opinion is selling gold below 1735.00, and take profit in stages at (1706.00 and 1687.00) and stop loss with 4-hour closing above 1750.00 might be appropriate. In case the metal reached our stop loss point, our opinion is buying gold around 1750.00 and take profit in stages at 1763.00, 1772.00 and 1794.00 and stop loss with 4-hour closing below 1724.00 might be appropriate.|
Silver is trading narrowly within a sideways range outside the ascending main channel, while Stochastic despite the positivity seen on the indicator is approaching overbought areas. Our morning expectations remain as they are. But, a breach of 32.95-80 is necessary for our negative expectations.
The trading range for today is among the key support at 31.00 and key resistance now at 35.70.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
|Recommendation||Our morning expectations remain valid|