Midday Report
Gold continued its huge upside recovery that started at yesterday's low around 1533.00 and now we can see how it has cleared the first mathematical ceiling of Murrey lines at 1656.00. Nevertheless, it started to move lower during the previous hour approaching the aforesaid areas; thus, we look forward to witness a breakout below 1656.00 to make sure that 1687.00 –next important resistance- will not be taken. Anyway, we hold onto our bearish predictions for the rest of the day supported by the bigger daily classical probably sine trading is still below the neckline areas.
The trading range for today is among the key support at 1533.00 and key resistance now at 1735.00.
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 | 1648.00 | 1630.00 | 1615.00 | 1590.00 | 1560.00 |
| Resistance | 1687.00 | 1702.00 | 1715.00 | 1728.00 | 1735.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
Silver continued to gain positive momentum but reversed slightly to the downside after reaching 38.2% Fibonacci correction mentioned in our morning report. Stochastic is within oversold areas, while the Relative Strength Index is positive. Furthermore, there are no signs for a downside reversal now, and also the mentioned correction proved its strength. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the key support at 28.60 and key resistance now at 35.10.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 32.10 | 31.75 | 30.65 | 30.30 | 29.55 |
| Resistance | 32.95 | 33.15 | 33.65 | 34.00 | 34.40 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver below 30.30 and take profit in stages at (32.95 and 33.60) and | ||||
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