Midday Report
The metal has moved to the downside during the previous session as we anticipated this morning, negatively influenced by the bearish candlestick formation and the negativity on Stochastic as seen on the secondary image of the four-hour scale. At the same time, the metal continued trading above 1702.00 -pivotal support- indicating a bullish resumption over daily studies. The conflict between the four hour chart and the daily graph force us to stay aside until the metal clears 1702.00 or 1728.00 to predicate the next big move.
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
Over 4-hour basis, we find the metal’s bearish attempts are still limited in areas above 33.35 according to the 4-hour candlesticks (New York time). Stability above this level suggests the return of the positivity, but a breach of 32.60 could negate our intraday expectations.
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 | 32.80 | 32.60 | 32.10 | 31.60 | 31.25 |
| Resistance | 33.45 | 34.00 | 34.40 | 35.10 | 35.65 |
| Recommendation | Our morning expectations remain valid | ||||
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