Midday Report
The metal is presently hovering around the lower line of Keltner channel as we anticipated this morning, but it is clear that stability was achieved below the lower line of rising wedge pattern and below SMA 100 -colored in green- as seen on the provided daily graph. Henceforth, we keep our negative scenario intact for the rest of the day, supported by the bigger double top formation that has southern targets to be reached at 1475.00 over short term basis.
The trading range for today is among the key support at 1533.00 and key resistance now at 1687.00.
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 | 1615.00 | 1590.00 | 1575.00 | 1545.00 | 1533.00 |
| Resistance | 1635.00 | 1648.00 | 1653.00 | 1665.00 | 1673.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
After dropping below 31.25 support to activate our morning scenario, the metal inclined again and currently testing the level and the breached ascending support as well. In general, trading remain within the broadening wedge formation and below the aforementioned levels; thus we hold onto our morning expectations for the rest of the day.
The trading range for the day is among the key support at 27.15 and key resistance now at 32.80.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 30.75 | 30.30 | 29.40 | 28.85 | 28.60 |
| Resistance | 31.25 | 31.50 | 31.75 | 32.10 | 32.35 |
| Recommendation | Our morning expectations remain valid. | ||||
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