Midday Report
The metal continued consolidating below yesterday's recorded high around 1677.00 as seen on the provided daily graph. We need to witness a breakout below the mathematical pivotal point of 1625.00 -check the morning report- to make sure that the correction from 1533.00 was limited earlier. The classical double top pattern which didn't reach its scientific target will be valid as far as 1702.00 -the neckline- areas remain intact. To recap, our morning predications are still valid for the rest of the day.
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 | 1665.00 | 1687.00 | 1602.00 | 1715.00 | 1728.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
The metal touched the 32.10 level and closed above it, before it declined again to trade below this level. Negativity is still possible with trading below 32.10, therefore, we should hold onto our expectations. Nevertheless, consolidation below 30.65 is required to confirm the bearishness,nd accordingly we remain neutral until then.
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 | 31.20 | 30.65 | 30.30 | 29.55 | 29.10 |
| Resistance | 32.10 | 32.95 | 33.15 | 33.65 | 34.40 |
| Recommendation | Based on the charts and explanations above, we remain neutral today, awaiting more confirmations | ||||
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