Midday Report
Consolidation below 38.2% Fibonacci correction supports our morning expectations to remain valid, especially when Stochastic is negative and breached the 50 points level bearishly. At the same time, a breach of 1653.00 is required to confirm the sufficiency of the positive momentum to complete the bearish continuation pattern.
The trading range for today is among the key support at 1575.00 and key resistance now at 1752.00.
The short-term trend is to the upside targeting 1945.00 as far as areas of 1475.00 remain intact.
| Support | 1670.00 | 1665.00 | 1653.00 | 1635.00 | 1615.00 |
| Resistance | 1687.00 | 1695.00 | 1702.00 | 1715.00 | 1728.00 |
| Recommendation | Based on the charts and explanations above, we recommend selling gold below 1653.00, targeting 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Midday Report
Silver is still biased to the downside, while Stochastic supports our negativity. But on the other hand, consolidation below the Moving Average 20 at 31.75 is required to confirm our suggested scenario. In fact, any trading below 33.15 supports the metal to breach the Moving Average, which if seen, could trigger a selloff.
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 | 31.85 | 31.30 | 31.05 | 30.65 | 30.30 |
| Resistance | 32.95 | 33.15 | 33.65 | 34.00 | 34.40 |
| 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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