Midday Report
The metal is hovering around 88.6% Fibonacci retracement of the upside rally from 1702.00 to 1920.00 and the PRZ -potential reversal zones- of our morning proposed bullish harmonic butterfly has not been reached yet. Yesterday's negative closing below 76.4% conflicts with the oversold sign on RSI 14. Thereby, we are forced to remain neutral for the rest of the day until an accurate sign appears to pinpoint he next move.
The trading range for today is among the key support at 1648.00 and key resistance now at 1811.00.
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 | 1715.00 | 1702.00 | 1673.00 | 1648.00 | 1635.00 |
| Resistance | 1735.00 | 1745.00 | 1755.00 | 1761.00 | 1785.00 |
| 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
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Again the commodity continues the steep decline as expected, after breaching the projected support of the channel the metal headed sharply lower to reach our targeted area around 33.50. A resistance cluster among 32.30-33.40 levels is significantly important for the metals’ medium term direction, where stability below 32.00 may signal a trend reversal and extend the downside targets initially toward 25.00. We expect the downside move to halt at least temporarily among this area, but in general the bearishness is still favored over intraday basis.
The trading range for today is among the key support at 32.25 and key resistance at 36.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 33.50 | 33.00 | 32.50 | 32.25 | 31.80 |
| Resistance | 34.30 | 34.70 | 35.50 | 36.25 | 36.50 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 34.50 and take profit in stages at (33.50 and 32.30) and stop loss with 4-hour closing above 35.50 might be appropriate. | ||||
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