Midday Report
Gold moved violently since the opening of the week and is presently correcting the collapse that took it towards 1533.00 zones as seen on the provided graph. But, the entire recovery is still covered by SMA 50 & SMA 100 combination. The double top formation appearing on the daily chart may be the reason behind sending the metal lower once more over intraday basis. Breaching 1590.00 will weaken 1533.00 as well.
The trading range for today is among the key support at 1490.00 and key resistance now at 1702.00.
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 | 1590.00 | 1575.00 | 1550.00 | 1540.00 | 1525.00 |
| Resistance | 1620.00 | 1635.00 | 1648.00 | 1673.00 | 1702.00 |
| Recommendation | Our weekly expectations remain valid | ||||
Silver
Midday Report
Silver's attempts to stabilize and return above 50% Fibonacci correction at 29.15 failed, while momentum indicators are sill negative. Therefore, our weekly expectations remain valid.
The trading range for this week is among the key support at 22.50 and key resistance now at 31.20.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 27.15 | 26.65 | 26.10 | 25.55 | 25.15 |
| Resistance | 28.85 | 29.15 | 29.55 | 30.30 | 30.65 |
| Recommendation | Our weekly expectations remain valid | ||||
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