Midday Report
After touching our detected technical resistance at 1635.00 during the previous session, the metal started to decline once more towards the pivotal support around 1625.00. Actually, we are still witnessing sharp fluctuation below SMA 100 -colored in green- while the entire correctional movements from 1533.00 are trapped below the neckline of the double top formation seen on the daily studies. Hence, we keep our morning anticipations intact for the rest of the day; whilst a break below 1575.00 will be a technical catalyst behind revisiting 1533.00 once more.
The trading range for today is among the key support at 1533.00 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 | 1615.00 | 1590.00 | 1575.00 | 1560.00 | 1545.00 |
| Resistance | 1630.00 | 1648.00 | 1665.00 | 1687.00 | 1702.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
Silver was able to find a strong base above the simple moving average 50, and also above the main resistance for the technical structure as shown above in red. All these factors together are sufficient for silver to extend the upside movement. The levels of 30.30-50 will be our intraday support in order to reduce associated risks, because silver's positive momentum could be insufficient to provide a breach of 31.85.
The trading range for today is among the key support at 28.60 and key resistance now at 33.50
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 30.50 | 30.30 | 29.55 | 29.10 | 28.85 |
| Resistance | 31.05 | 31.85 | 32.10 | 32.95 | 33.15 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver around 30.85 and take profit in stages at (31.85 and 33.15) and stop loss with 4-hour closing below 30.30 might be appropriate. | ||||
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