Midday Report
Gold tried to stabilize below the initial mathematical support –pivot of Camarilla lines- around 1653.00 and currently trading below the previous breached support line of the rising wedge pattern as seen on the provided daily graph. The negativity on Stochastic argues us to keep our bearish classical predictions intact for the rest of the day. The negative scenario will not be invalidated unless it takes the key resistance -neckline of double top- around 1702.00.
The trading range for today is among the key support at 1615.00 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 | 1615.00 | 1590.00 | 1575.00 |
| Resistance | 1665.00 | 1673.00 | 1680.00 | 1687.00 | 1695.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
The metal is trading within a descending broadening wedge formation, this pattern is bullish by nature and usually before breakouts price fails to reach the opposite side of the formation and a partial decline occurs, this is illustrated on the chart, however the partial decline should be confirmed by a breach of the descending resistance shown above, and the resistance at 32.30 area to expect a bullish breakout targeting mainly 33.00. In that case, we prefer trading to remain above 31.80 to give the upside move more potential.
The trading range for the day is among the key support at 29.00 and key resistance now at 33.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.25 | 30.75 | 30.35 | 30.00 | 29.75 |
| Resistance | 32.10 | 32.32 | 32.60 | 33.00 | 33.45 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver with hourly closng above 32.32 targeting 32.60,33.00 and 33.45, stop loss with hourly closing below 31.80 might be appropriate. | ||||
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