Gold is moving below the 61.8% Fibonacci level as seen on the above four-hour chart, but the range is very narrow. Therefore, we will focus on the daily chart which provides us with a head and shoulders top pattern with a neckline around 928.00 and we think that it's forming the right shoulder of this pattern. Thus, the intraday overview will be to the downside, supported by the negative signs of momentum indicators. Areas of 970.00 should hold to protect this anticipation.
The trading range for today is among the key support now at 922.00 and key resistance now at 990.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.
Silver is moving slightly downwards, placing a temporary low during writing this report, as it attacks the pivotal support areas of 14.96 while forming a bearish candlestick pattern. Therefore, we see that the negative divergence on RSI 14 is in progress and as result the effect of the bullish harmonic pattern appearing on the four-hour chart is diminishing gradually below 76.4% Fibonacci level so we will keep our outlook to the downside for the rest of the day.
The trading range for today is among the key support at 13.90 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.