Gold

/

Gold has declined, respecting the bearish expectation for today, testing the initial support level of 932.00, where a slant positive divergence appeared on Force index indicator as shown on the above four-hour chart. Hence the previous discussed correction may occur during the next session before resuming the major downtrend  which is still supported by the daily move below SMA50 as seen on the secondary image.

The trading range for today is among the key support now at 907.00 and key resistance now at 966.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support935.00932.00927.00922.00912.00
Resistance942.00948.00952.00956.00960.00
RecommendationOur mornig expectation is still valid.

Silver

/

Silver also declined, confirming our negative scenario. Now, the probability of the previous explained slight correction is increasing as the momentum indicators are in need for a relief as shown on the above four-hour chart. We should note that a breakout below 13.45 zones will be able to cancel this correction and will activate the bigger bearish picture , which is supported by the daily bearish engulfing candlestick that occurred yesterday.

The trading range for today is among the key support at 12.85 and key resistance now at 14.30.

The general trend is to the upside as far as 10.95 remains intact with targets at 16.85.

Support13.5513.4813.4013.3013.25
Resistance13.6513.7313.8213.8813.96
RecommendationOur mornig expectation is still valid.