Midday Report
Just a few dollars separated between our suggested resistance where the metal should resume the downtrend and areas that were visited during the previous session as seen on the secondary image. In this subsidiary chart of the hourly interval, we can see how areas of 1632.00 play the role of the mathematical pivot point pushing the pair sharply downwards. The violent downside actions should be seen as confirmation for the bigger classical picture of our caught double top formation that still has downside targets to be reached at 1475.00. Consequently, we keep our negative scenario intact for the rest of the day, while breaching 1575.00 will send it quickly towards 1533.00 zones.
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 | 1596.00 | 1575.00 | 1552.00 | 1533.00 | 1526.00 |
| Resistance | 1615.00 | 1635.00 | 1648.00 | 1665.00 | 1687.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1635.00 targeting 1549.00 and stop loss above 1687.00 might be appropriate. | ||||
Silver
Midday Report
The negative bias is clear on silver, which is currently trading around 29.05, where stability below this level could support the downside movement to extend. But, the metal could retest higher levels due to the positivity seen on Stochastic. But in general, consolidation below 29.65-30.30 supports the bearishness
The trading range for this week is among the key support at 27.15 and key resistance now at 32.10
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 28.85 | 28.60 | 27.60 | 27.15 | 26.65 |
| Resistance | 29.65 | 30.30 | 30.65 | 31.05 | 31.30 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 29.65 and take profit in stages at (29.05 and 28.80) and stop loss with 4-hour above 30.65 might be appropriate. | ||||
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