Midday Report
The metal has moved within a very tight range since morning while stabilizing below SMA 50 as seen on the provided daily chart. The negativity on Stochastic and Friday's hanging man candlestick pattern prevent us from predicting upside resumption despite the solidity of 1702.00. Therefore, we hold onto our neutrality for the rest of the day. A daily closing below 1702.00 will trigger a sell-off.
The trading range for today is among the key support at 1635.00 and key resistance now at 1753.00.
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 | 1745.00 | 1753.00 | 1763.00 |
| 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 still biased to the downside, where the metal reached areas below 34.60 and then started to decline again. Our temporal negative outlook remains valid, but we signal that this downside movement could be only a correction, while the level of 32.95 should determine the depth of the current correction.
The trading range for today is among the key support at 30.30 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 | 34.00 | 33.75 | 33.40 | 32.95 | 32.50 |
| Resistance | 34.60 | 35.05 | 35.65 | 36.20 | 36.80 |
| Recommendation | Based on the charts and explanations above, we recommend selling silver around 34.60 and take profit in stages at (33.85 and 32.95) and stop loss with daily closing above 35.25 might be appropriate. | ||||
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