Silver hit as high as 24.81 last week but lost momentum ahead of 24.86 near term resistance. For now, further rise will remain mildly in favor as long as 23.55 minor support intact. Sustained break of 24.86 will argue that whole corrective pattern from 30.07 has completed with three waves down to 21.41. In such case, near term outlook will be turned bullish for 28.73/30.07 resistance zone. However, rejection by 24.86 will retain near term bearishness. Break of 23.55 will bring retest of 21.41 low instead.
Gold breached 1800 handle last week as the rebound from 1721.46 but quickly lost momentum again. Still, further rise is in favor as long as 1760.01 supports holds, to 1833.79 resistance. Firm break there will resume the rally from 1682.60 to 1916.30 key structural resistance next. however, break of 1760.01 will retain near term bearishness and target 1721.46 support instead.
