Midday Report
In line with our morning report, the metal declined steadily towards the pivotal support areas between 1645.00 and 1648.00 as seen on the provided hourly chart. Additionally, AROON up -colored in green- has maintained levels below the value of 70.00 confirming the negative effect of the suggested Bat pattern. Thereby, we hold onto our bearish predictions for the rest of the day; noting that area of the neckline of the double top formation over daily basis should hold to keep the bearishness valid. A break of 1645.00 will accelerate the suggested bearish wave.
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 | 1645.00 | 1635.00 | 1615.00 | 1596.00 | 1575.00 |
| Resistance | 1665.00 | 1687.00 | 1695.00 | 1702.00 | 1715.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1665.00 targeting 1595.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Midday Report
The metal is trading out of the intraday upside move range, yet the bearishness is weak and SAtochastic stopped declining and attempts to provide positive crossover, while the Relative Strength Index is stable above 50 points. Any trading above 31.05 is sufficient for our positive expectations to remain valid today, but stability above 32.15 is necessary to confirm our outlook.
The trading range for today is among the key support at 30.30 and key resistance now at 34.40
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.60 | 31.30 | 31.05 | 30.65 | 30.30 |
| Resistance | 32.15 | 32.95 | 33.15 | 33.65 | 34.40 |
| Recommendation | Our morning expectations remain valid | ||||
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