GOLD
As depicted here, the yellow metal has retraced to 1,663/65, which was defined as a support region earlier. Furthermore, one should note the following facts mentioned below: 1. Prices have broken the sloping downtrend line shown here on the particular timeframe and possibly retracing to back test. 2. 1,663/65 region is defined by the past resistance turned support and a combination of Fibonacci support convergence. Keeping the above mentioned facts in mind, it is recommended to go fresh long at current price action for further upside extensions as shown here.
Go fresh long now (1,667/68), stop is at 1,630.00, target is open (book partial profits at 1,720.00).
SILVER
A daily chart view has been depicted here for a larger swing view. As seen here, the prices broke out of the inner resistance line earlier. The rate rushed through the 32.50 region and is currently back testing the same line which should provide enough support for another bounce higher up. Resistances are now lined up from 33.60/65 through 34.30/40 and 35.10/20 region. It is recommended to initiate fresh long positions at current levels (31.60/65) again for fresh highs. Looking higher from here
Go fresh longs from current price levels, stop is at 30.00, target is open (book partial profits at 33.00)
