Technical Analysis for Precious Metals
Breaking 21.00 levels today weakens the possible upside move and without that the possibility of extending the bullish harmonic Bat Pattern remains valid. Of note, Linear Regression Indicators are positive but momentum indicators are showing negativity which requires not breaking 21.00 to ignore the signals on momentum indicators.
Support: 21.50, 21.38, 21.10, 21.00, 20.86
Resistance: 21.70, 22.13, 22.57, 22.80, 23.08
Recommendation Long the metal above 21.50, targets at 21.70 and 22.13 and 22.80. Stop loss below 21.00.
Gold
A new attempt to the upside yesterday was halted around 78.6% correction of CD Leg of the bullish harmonic AB=CD Pattern. But we will expect a new attempt to the upside today depending on the bullish pattern, in addition to the positivity confirmed by Linear Regression Indicators.
Despite that trading above 1293.00 is positive, we will count today on 1305.00 over intraday basis to keep our positive expectations, whereas breaking the referred to level might lead to testing the psychological levels 1300.00 and perhaps further bearishness towards 61.8% correction as showing on graph.