Midday Report
Struggle continues around SMA 100 -colored in green- and below the support line of the minor continuation pattern -rising wedge- as seen on the image. We believe that the metal will continue gathering the momentum it needs to move lower influenced by the major bearish pattern -double top- thus, we keep our bearish anticipations intact for the rest of the day. A break of 1635.00 will accelerate the decline; whilst 1702.00 should hold to protect the scenario.
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 | 1665.00 | 1673.00 | 1687.00 | 1695.00 | 1702.00 |
| 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
The metal rebounded to the upside affected by the broadening wedge pattern; furthermore, Stochastic and the Relative Strength Index are entering overbought areas but without providing any negative reversal signs. Therefore, our morning expectations remain valid for the rest of the session today.
The trading range for today is among the key support at 29.15 and key resistance now at 33.45.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.75 | 31.50 | 31.30 | 31.10 | 30.80 |
| Resistance | 32.10 | 32.30 | 32.80 | 33.00 | 33.45 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver with a breach of 31.70 and take profit in stages at (32.10 and 32.80) and stop loss below 31.10 might be appropriate. | ||||
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