Gold

Gold has moved upwards placing a temporary high around 970.00, whereas a slight correctional movement has started. This action should be seen as a normal profit taking and we think that it might extend further towards testing the bullish trend line as seen on the above four-hour chart. Stochastic is still moving inside an oversold area. Hence this bullishness should continue as far as 952.00 remains intact.

The trading range for today is among the key support at 935.00 and key resistance at 1000.00.

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

Support960.00956.00952.00946.00940.00
Resistance970.00977.00983.00992.001000.00
RecommendationOur morning position is still in progress

Silver

Silver succeeded to test the lower line of the channel of our detected impulsive wave, whereas we think that it will be able to gather the upside momentum it needs to continue the cycle. The obvious oversold sign appearing on the indicators continue. Therefore, we think that an upside movement is under preparation for the rest of the day. Only a decisive break for 14.80 zone can damage this positive overview.

The trading range for today is among the key support at 14.55 and the key resistance at 16.00.

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

Support15.0815.0014.8514.8014.73
Resistance15.2515.4015.5315.6415.75
RecommendationOur morning position is still in progress