Midday Report
Moving to the four-hour time interval, we can see how the metal succeeded in forming a potential head and shoulders top pattern with a neckline at the same detected critical support of 1702.00. At the same time, Stochastic is showing bearish tendency, claiming that a breakout below 1702.00 is on the horizon. Therefore, we change our neutral stance and look forward to more bearishness for the rest of the day. Only a break above 1740.00 with a daily closing will give us reason for a pause.
The trading range for today is among the key support at 1635.00 and key resistance now at 1763.00.
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 | 1695.00 | 1687.00 | 1673.00 | 1665.00 | 1654.00 |
| Resistance | 1715.00 | 1728.00 | 1735.00 | 1745.00 | 1753.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1702.00 targeting 1650.00 and stop loss above 1738.00 might be appropriate. | ||||
Silver
Midday Report
Silver declined sharply from areas below the resistance level at 34.60, while we currently expect the metal to extend the downside movement towards 32.95 and maybe further. Therefore, our morning expectations remain as they are.
The trading range for today is among the key support at 32.10 and key resistance now at 36.80.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 33.05 | 32.95 | 32.60 | 32.10 | 31.60 |
| Resistance | 34.00 | 34.60 | 35.10 | 35.65 | 36.20 |
| Recommendation | Our morning expectations remain valid | ||||
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