Gold moved downward towards 945.00 zones, but actually there are 2 technical reasons that are still preventing us from changing our positive overview. First, the obvious oversold signs appearing on the indicators and the camarilla strong L3 support level. Hence it's expected to witness corrective wave on the intraday basis unless a breakout occurs below 930.00 zones.
The trading range for today is among the key support now at 925.00 and key resistance now at 984.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00 .
|Recommendation||According to our analysis, buy gold at 946.00 with targets at 963.00 and stop loss at 932.00.|
Silver also declined towards 14.80 zones whereas we see that the metal is gathering the momentum it needs to re-test the broken trend line of the channel. These areas represent the previous broken 161.8% Fibonacci level while indicators show that they need a relief as they are moving inside oversold areas. Hence we will keep our outlook to the upside for the rest of the day unless 14.60 zone is broken.
The trading range for today is among the key support at 14.55 and key resistance now at 16.00.
The general trend is to the upside as far as 10.95 remains intact with targets at 16.85.
|Recommendation||According to our analysis, buy silver at 14.85 with targets at 15.40 and stop loss at 14.45.|