Midday Report
As seen on the subsidiary image, the metal has been trapped within a very narrow range since morning, designating the solidity of the mathematical resistance of Camarilla lines. At the same time, negative signs are still appearing on momentum and trend indicators over daily studies. Thereby, we hold onto our bearish predictions for the rest of the day, supported by the classical double top pattern. Ultimately, areas of neckline at 1702.00 should act as ceiling.
The trading range for today is among the key support at 1533.00 and key resistance now at 1728.00.
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 | 1635.00 | 1615.00 | 1596.00 | 1575.00 | 1552.00 |
| Resistance | 1665.00 | 1687.00 | 1695.00 | 1702.00 | 1715.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
Silver advanced again and is currently reaching the main resistance of the sideway range around 31.45, but Stochastic is currently entering overbought areas, while the Relative Strength Index-RSI- is trading positively above 50 points. Therefore, we remain neutral for the rest of the session, as a breach of the mentioned resistance could relieve the negativity seen on Stochastic, while a failure could cancel out the positivity on Stochastic.
The trading range for today 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 | 31.05 | 30.65 | 30.30 | 30.05 | 29.65 |
| Resistance | 31.45 | 31.85 | 32.10 | 32.95 | 33.15 |
| Recommendation | Based on the charts and explanations above, we remain neutral today, awaiting more confirmations. | ||||
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