Midday Report
The metal continues its present fluctuation around SMA 50 -red- as seen on the provided daily graph. At the same time, Stochastic continues reflecting the hesitation case since it is overlapping bullishly close to overbought areas, while AROON remains somewhat neutral. Therefore, we keep our neutral stance unchanged; nothing that a break of 1750.00-1753.00 will be a very positive indication and will support the bulls.
The trading range for today is among the key support at 1665.00 and key resistance now at 1800.00.
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 | 1753.00 | 1763.00 | 1772.00 | 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. Of note, risk versus reward ratio is too high. | ||||
Silver
Midday Report
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The metal dropped to activate our morning scenario, however, the drop was halted near the support area around 33.45 to rebound again reaching our first target at 34.00, where an intraday descending resistance is located. A breach above this resistance should accelerate the bullish move toward the awaited targets.
The trading range for today is among the key support at 31.60 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.
*The provided chart based on GMT+2*
| Support | 33.45 | 33.00 | 32.75 | 32.20 | 31.30 |
| Resistance | 34.00 | 34.40 | 34.70 | 35.30 | 35.70 |
| Recommendation | Our morning expectations remain valid. | ||||
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