GOLD
The shiny metal supported by very powerful commodities market yesterday was able to climb above 890 and then close above 881. While technical indicators are still pointing higher, with a target at 905, the shiny metal is expected to play in a range as well and the top should be somewhere around the 920 area, so we should think that as our target regardless the short term fluctuations.
The trading range is among the key support level at 855 and the key resistance level at 905.00.
The general trend is to the upside as far as 810.00 remains intact; targets are set at 1080.00 and 1170.00.
| Support | 881.20 | 878.40 | 876.30 | 874.10 | 868.20 |
| Resistance | 884.50 | 888.70 | 893.10 | 898.70 | 902.10 |
Recommendation | Buy Gold above 878 with a target at 892 and a stop loss below 874. | ||||
SILVER
Well done silver, the movement can not be more ideal, from the 16.35 till 16.70 and 17.20 sharp, this is the right path for sliver, while today it can decline a little bit, it is still targeting the 17.70 level and then maybe 18.20, silver confirmed discipline and logic in movement and therefore it is one of the preferred products nowadays.
The trading range is among the key support level at 16.20nd the key resistance level at 17.70.
The general trend is to the upside as far as 13.20 remains intact, with targets at 22.00 and 25.00.
| Support | 17.05 | 16.97 | 16.88 | 16.70 | 16.58 |
| Resistance | 17.20 | 17.35 | 17.41 | 17.56 | 17.70 |
Recommendation | Buy silver above 16.90 with a target at 17.55 and a stop loss below 16.70 | ||||