Midday Report
In line with our morning scenario, the metal showed signs of taking a breath while trending mildly downwards in order to relieve momentum indicator. The short term becomes bullish after breaching 1702.00 comfortably as we discussed earlier and now we may witness an upside rally resumption due to the suggested Bat harmonic formation as we believe that the CD leg is presently in progress. A break of 1745.00 will accelerate incline and will fix the negativity on Stochastic.
The trading range for today is among the key support at 1673.00 and key resistance now at 1830.00.
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 | 1728.00 | 1715.00 | 1702.00 | 1695.00 | 1687.00 |
| Resistance | 1745.00 | 1763.00 | 1772.00 | 1785.00 | 1800.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1724.00 targeting 1785.00 and stop loss below1690.00 might be appropriate. | ||||
Silver
Midday Report
Stability above 61.8% Fibonacci correction at 35.10 is sufficient for us to hold onto our morning expectations where consolidation above this level negates any possible retest of the ascending triangle’s base. Momentum indicators are within overbought areas, but consolidation above this level negates the effect of these indicators.
The trading range for today is among the key support at 32.95 and key resistance now at 37.80.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 35.10 | 34.40 | 34.00 | 33.75 | 33.40 |
| Resistance | 35.65 | 36.20 | 36.80 | 37.25 | 37.80 |
| Recommendation | Our morning expectations remain valid | ||||
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