Midday Report
After touching the upper line -resistance- line of Keltner channel, the metal started to show signs of moving downwards as seen on the provided daily graph. The bearish expectations based on our caught double top pattern remain in favor for the rest of the day as far as trading continues below the neckline areas of the pattern. A break of 1653.00 is required to confirm the negative scenario, while breaching through 1702.00 with a daily closing will negate it.
The trading range for today is among the key support at 1635.00 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 | 1680.00 | 1673.00 | 1665.00 | 1653.00 | 1648.00 |
| Resistance | 1695.00 | 1702.00 | 1715.00 | 1728.00 | 1735.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold with a breakout below 1653.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Midday Report
Drilling into a lower time frame, over the hourly chart, the metal has been moving within a minor channel inside the main possible ascending triangle we mentioned this morning. The latest breach of 32.50 resistances suggests that we may see continuation towards the top of the channel, at the same time a minor ascending broadening wedge has appeared along with a bearish divergence on Stochastic suggesting a possible downside reversal, therefore, and due to the conflicting signals we prefer to remain aside for the rest of the day.
The trading range for week is among the key support at 28.40 and key resistance now at 35.00.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 32.30 | 32.00 | 31.70 | 31.40 | 30.75 |
| Resistance | 32.75 | 33.00 | 33.40 | 34.00 | 34.25 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting more confirmations. | ||||
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