Midday Report
The morning awaited negative crossover on Stochastic over four-hour interval prevented us from assuring yesterday's breakout above the neckline of the huge double top formation as the closing was very close to 1702.00. At the same time, the trend's signal on AROON is still shaky and needs more confirmation via breaching 1728.00 and preferably 1740.00 -SMA50- value. Consequently, we decided to stay aside today as we got used together to catch a confirmed a confirmed sign before talking about a change in the direction.
The trading range for today is among the key support at 1635.00 and key resistance now at 1785.00.
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 | 1702.00 | 1695.00 | 1687.00 | 1673.00 | 1665.00 |
| Resistance | 1728.00 | 1735.00 | 1755.00 | 1762.00 | 1785.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move. | ||||
Silver
Midday Report
Silver is trading positively after the confirmation of the breach of 50% Fibonacci correction at 33.35 as shown above. This move could support the upside movement to extend towards 61.8% Fibonacci correction at 35.05-10 during the coming period. Consolidation above 32.60 is necessary for our expectations to prevail over intraday basis.
The trading range for today is among the key support at 30.25 and key resistance now at 35.10.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 33.35 | 32.80 | 32.60 | 32.10 | 31.60 |
| Resistance | 33.80 | 34.00 | 34.40 | 34.75 | 35.10 |
| Recommendation | Based on the charts and explanations above, we recommend buying silver around 33.35 and take profit in stages at (34.00 and 35.15) and stop loss below 32.60 might be appropriate. | ||||
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