Silver
Silver has closed negatively as seen on the bearish structure of the candlesticks for the daily chart. Thus; we believe that the bearish pressure of the negative harmonic AB=CD pattern might continue during this week, particularly if the metal succeeded in breaching the harmonic uptrend line. AROON up-colored in green- has penetrated the value of 70.00, supporting our scenario.
Gold
The mixture between the harmonic and classical studies proved that, gold is moving inside a bearish channel which manages the descending movements of the bearish harmonic butterfly as seen on the weekly chart. Actually, gold has activated our bearish speculation during the past week, closing below 1115.00 zones and thus a bearish engulfing candlestick pattern was created. Henceforth, further bearishness could be seen during this week.
