Midday Report
Now, we will look at the four-hour chart to explain why we decided to stay aside today. From the first look at the provided graph, we will find that collapse from all-time high of 1920.00 to the significant low of 1533.00 has taken the shape of IM -impulsive- wave where three waves have been formed already; whilst the recovery from this low is still in progress to form the forth wave. Thus, we are witnessing a corrective structure and it is better to wait for a better chance to enter a new IM wave. Consequently, we should observe the price behaviors if it succeeded in touching areas between 1702.00 and 1706.00; noting that 1702.00 represents the neckline areas of the daily double top pattern which we previously depended on it to predicate the sharp decline after breaching it in the past week.
The trading range for today is among the key support at 1575.00 and key resistance now at 1752.00.
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 | 1665.00 | 1648.00 | 1625.00 | 1615.00 | 1590.00 |
| Resistance | 1687.00 | 1695.00 | 1702.00 | 1715.00 | 1728.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Midday Report
The simple moving average 50 at 30.55 was able to stop silver negative momentum, which drive us to expect another attempt to breach the sideways range resistance by providing consolidation above 31.45. Consolidation above 29.05 is necessary for our temporary positive expectations to remain valid, yet we prefer stability above 29.50 to confirm bullish outlook.
The trading range for this week 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 | 30.55 | 30.30 | 29.50 | 29.05 | 28.85 |
| Resistance | 31.05 | 31.45 | 31.85 | 32.10 | 32.95 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver around 30.50 and take profit in stages at (31.05 and 32.90) and stop loss with 4-hour below 29.05 might be appropriate. | ||||
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