Midday Report
The metal has mildly inclined, struggling around the resistance of 1673.00 as seen on the provided daily graph. According to the double top formation and the correctional rising wedge pattern, we have two technical choices to enter the expected bearish wave:
- Rallies towards 1687.00-1702.00 zones should be sold as the market looks to carve a fresh lower top on the daily graph.
- A breakout below 1653.00 will be a short signal.
But, we prefer getting more confirmation for the bearishness via a four-hour closing below 1653.00 zones as it may fix the positive sign of trend indicator.
The trading range for today is among the key support at 1596.00 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 | 1665.00 | 1653.00 | 1648.00 | 1635.00 | 1615.00 |
| Resistance | 1687.00 | 1695.00 | 1702.00 | 1715.00 | 1728.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold with breakout below 1653.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Midday Report
The incline seen till this momentum has been limited in areas below the resistance of the bearish continuation structure as shown above, and also below 38.2% Fibonacci correction at 32.95, where these factors together are sufficient for us to hold onto our morning expectations as they are, especially when Stochastic is turning more negative.
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 | 32.30 | 32.95 | 33.15 | 33.65 | 34.00 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 32.30 and take profit in stages at (30.85 and 29.65) and stop loss with daily closing above 33.15 might be appropriate. | ||||
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