Midday Report
The secondary image of the four-hour time scale shows how the metal was resisted as well around the resistance of 1630.00 zones, while Stochastic approaches overbought areas. Those signs argue us to hold onto our bearish intraday anticipations for the rest of the day, supported by the classical negativity discussed earlier. A break of 1590.00 will accelerate the awaited descending wave towards the significant low of 1533.00.
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 | Based on the charts and explanations above our opinion is, selling gold around 1635.00 targeting 1560.00 and stop loss above 1688.00 might be appropriate. | ||||
Silver
Midday Report
The metal is trading within a very narrow range since morning, thus no major changes. However, it’s gradually pushing to the upside just below the previously breached ascending support which turned into resistance now, in addition to a bearish flag that is developing over intraday basis and over the hourly time frame. Therefore, we will continue to hold onto our intraday bearish 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 | 30.50 | 30.27 | 30.00 | 29.55 | 29.05 |
| Resistance | 30.95 | 31.25 | 31.75 | 32.10 | 32.30 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 31.30 targeting 30.95,30.05 and 29.10 , stop loss with 4-hour closing above 32.00 might be appropriate. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment