Midday Report
The metal has mildly inclined during the previous session to re-test our detected technical resistance of 1665.00, while the deeper look at the entire movements of the previous period designates that gold is moving within the recently established sideways areas between 1595.00 and 1680.00 zones as seen on the provided daily graph. We will continue depending on the potential double top formation to suggest that the metal may fall over the upcoming period as far as areas of the neckline at 1702.00 remains intact. Stochastic is on its way towards overbought areas; whilst Vortex still reflects the strength of the bearishness from the all-time high of 1920.00. To recap, our classical bearish overview will be invalid if we witnessed a daily closing above 1702.00-1703.00 areas.
The trading range for today is among the key support at 1595.00 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 | 1648.00 | 1635.00 | 1625.00 | 1615.00 | 1590.00 |
| 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 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Midday Report
Silver inclined as expected, and could also extend the upside movement. But, until this moment this bullishness remains only a correction in attempts retest the neckline of the bearish technical structure as shown above on the chart. Therefore, our negative expectations remain valid for this week, unless consolidation above 33.65 was seen.
The trading range for this week is among the key support at 27.15 and key resistance now at 35.10.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 32.15 | 31.75 | 31.20 | 30.85 | 30.65 |
| Resistance | 32.95 | 33.15 | 33.65 | 34.40 | 35.10 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 32.85 and take profit in stages at (30.85 and 29.05) and stop loss with daily closing above 33.70 might be appropriate. | ||||
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