Morning, traders. I hope you are ready to begin a new trading day! Allow me to share my insights to help you plan your day.

Gold

Let's recall the previous morning brief, as the Gold traded exactly as per recommendations following the suggested levels. Currently, the yellow metal trades at 1,217.05, adding only +1.45  points and +0.12% in the early Asian trading sessions.

Gold is supported due to weakness in the U.S Dollar, as the investors are waiting for some concrete evidence from President Donald Trump who failed to win public confidence in his speech on Friday. Well, we can expect volatility and it needs extensive caution as the newly elected President will be releasing orders about policies and actions in the upcoming days.

Besides this, I can see the S&P Volatility Index trading at 11.77, which is up +0.23 points and +1.99% today (Tuesday). Bullish index confirms the risk sentiment in the market, fueling demand for haven assets, including Gold, Silver, and the Japanese Yen.

Let me draw your attention to the U.S indices as these are negatively correlated with Gold and Silver. The S&P 500 is trading at 2,261.25, which dipped 3 points or 0.13%, whereas DJIA dipped -27.40 points, or -0.14%, to trade at 19,799.85 in early trading sessions.

Technically, we can see an ascending triangle pattern in the Gold particularly in H4 and it's consolidating below with a strong resistance level of $1219. Breakage above this level is likely to open more room for buying till $1224 and $1228. Aside from that, the Gold is likely to remain bearish below $1219 to target $1215 and $1212.

Silver

Likewise, the Silver is also trading higher at $17.233, adding +0.047 points and +0.27% in the early trading sessions. The uptrend in the metals is caused by a weakness in the Greenback, as the investor's focus remains on the developments around the globe, including the Trump inauguration and talks on Brexit that are fueling the risk sentiments and underpinning the demand for the metal.    

Moreover, this week's calendar also highlights the existing home sales figure on Tuesday, along with the new home sales on Thursday, the initial jobless claims, durable goods orders, and advance GDP q/q due on Friday. In the absence of any major economic event from the U.S, investor’s focus will remains on the technical analysis to place their trades.   

On that note, let me highlight some technical aspects of Silver. It's still maintaining the triangle pattern in H4, facing a double top resistance at $17.200. So, the investors are recommended to focus on $17.200. A break above this level may push the Silver towards a $17.33-35 area,  whereas below $17.200, the selling opportunity prevails with a target of $17.03.