Midday Report
Gold is presently facing very sensitive areas around 76.4% Fibonacci retracement of the upside rally from 1702.00 to 1920.00, while RSI 14 -valued at 32.00- reflects clear oversold case. At the same time, AROON shows the strength of the current bearishness. This contradiction forces us to continue staying aside over intraday basis until we see if it intends to close over daily studies below or above the aforesaid important Fibonacci level.
The trading range for today is among the key support at 1702.00 and key resistance now at 1845.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1755.00 | 1745.00 | 1728.00 | 1715.00 | 1702.00 |
| Resistance | 1772.00 | 1785.00 | 1800.00 | 1807.00 | 1811.00 |
| Recommendation | Based on the charts and explanations above our opinion is staying aside until an actionable setup presents itself to define the upcoming big move | ||||
Silver
Midday Report
The metal plunged more than two dollars since yesterday night to breach the latest lows and support level among 39.30-39.00, breaching the level hints more bearishness may be on the way, however the latest low at 38.80 -shown on the chart- along with the support of the short term descending channel may nudge the commodity a bit higher again for a possible retest of the breached support area. In general, the bearishness may continue towards the main ascending support that resides near 37.50, breaching the support of the channel may negate the near term pullback scenario and accelerate the downside move. On the other hand, a breach above 39.50 with four-hour closing may extend the upside correction and delay acquiring the downside targets.
The trading range for today is among the key support at 37.00 and key resistance now at 41.30.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 38.80 | 38.25 | 37.90 | 37.50 | 37.00 |
| Resistance | 39.30 | 39.70 | 4.20 | 40.75 | 41.30 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 39.00 and take profit in stages at (38.15 and 37.50) and stop loss with 4-hour closing above 39.50 might be appropriate. | ||||
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