Midday Report
The metal is still fluctuating above the lower line of Keltner channel, but we notice that it started to approach the resistance located around the middle line of the aforesaid channel which meets SMA 100 -green-. Henceforth, gold may fall sooner since it stabilized below the neckline of the double top formation but areas around 1665.00 could be touched first to relieve momentum indicator. A break of 1635.00 will accelerate the awaited wave.
The trading range for today is among the key support at 1595.00 and key resistance now at 1702.00.
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 | 1627.00 | 1615.00 | 1611.00 |
| Resistance | 1660.00 | 1665.00 | 1673.00 | 1687.00 | 1695.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1665.00 targeting 1595.00 and stop loss above 1702.00 might be appropriate. | ||||
Silver
Midday Report
Over hourly basis, we find a possible descending broadening wedge; in addition, silver is trading within an intraday ascending channel. Stochastic attempts to provide a positive crossover, therefore we expect silver to breach the main resistance of the broadening wedge to extend the upside movement. A failure to breach the mentioned resistance at 31.75 could negate the upside move.
The trading range for this week is among the key support at 28.40 and key resistance now at 33.70.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.45 | 31.10 | 30.75 | 30.10 | 29.15 |
| Resistance | 32.30 | 32.50 | 32.70 | 33.25 | 33.70 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver with a breach of 31.75 and take profit in stages at (32.30 and 32.70) and stop loss below 31.10 might be appropriate. | ||||
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