Crude continues its sideway range between support 81.95 and resistance 82.70 and is controlling crude's intraday trading, where it attempting to gain bullish momentum to support resuming the bullish wave. Therefore, we expect an overall bullish intraday direction that requires first a clear breach of 82.70; paving the way to head towards 83.45 then $84.00 per barrel. Keep in mind that the breach of 90.95 will weaken chances of achieving these expectations.
Recommendation Based on the charts and explanations above our opinion is buying oil with the breach of 82.70 targeting 84.00 and stop loss below 81.95, might be appropriate.
Silver is still moving between 127% and 161.8% Fibonacci levels of the suggested bearish harmonic structure's XA leg as seen on our provided four-hour chart. We still need a decisive breakout below the initial support level of 17.25 in order to make sure that, the pattern is efficient enough to activate the potential bearishness over intraday basis.
Recommendation Based on the charts and explanations above our opinion is, selling silver with a breakout below 17.25 targeting 16.65 and stop loss above 17.65 might be appropriate.
In line with our yesterday's harmonic scenario, gold slipped affected by facing 127% Fibonacci level of XA leg as seen on our provided four-hour chart. Now, forming a bearish classical pattern around the above mentioned reversal levels is to add additional negative pressure and thus; we still see chances for additional bearish actions over intraday basis.
Recommendation Based on the charts and explanations above our opinion is, selling gold from 1107.00 targeting 1185.00 and stop loss above 1122.00 might be appropriate.
