Silver

Silver has sharply violated the bullish scenario by breaking 22.30 support level, with a strong bearish candle, where holding below the level suggests the resumption of the overall bearish trend, a break below the 50-days SMA should signal further downside.

Support: 21.70, 21.50, 21.30, 20.80, 20.60
Resistance: 22.00, 22.30, 22.45, 22.85, 23.05

Recommendation Short below 22.30. targets at 21.70,21.30 and 20.80. Stop loss hourly closing above 22.75

Gold

Gold has decisively broken the ascending channel and horizontal support at 1350.00, and extended the bearish move below the 50-days SMA and downside target for yesterday. The price may have completed a medium-term top at 1423.00, where the next main downside target resides at 1280.00 support area.

Support: 1305.00, 1298.00, 1287.00, 1282.00, 1273.00
Resistance: 1319.00, 1325.00, 1333.00, 1346.00, 1352.00

Recommendation Short below 1325.00, targets at 1300.00 and 1280.00. Stop loss four-hour close above 1345.00

Credit (ICN.com)

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