Midday Report
Just two dollars separated between our suggested entry point at 1728.00 and the high recorded in the previous session where the metal collapsed attacking the pivotal support zones of 1702.00 as seen on the provided graph. We remind you that breaching this level -and we do believe it will be breached- will ease the path towards 61.8% Fibonacci retracement of CD leg for the bearish harmonic AB=CD pattern. AROON is definitely negative whilst Stochastic is moving steadily downwards. Thereby, we keep our weekly predictions intact as far as 1785.00 remains intact.
The trading range for today is among the key support at 1650.00 and key resistance now at 1765.00.
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 | 1679.00 | 1673.00 |
| Resistance | 1715.00 | 1728.00 | 1732.00 | 1745.00 | 1755.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1728.00 targeting 1650.00 and stop loss above 1785.00 might be appropriate. | ||||
Silver
Midday Report
The metal is still biased to the downside, affected by the rising wedge pattern. Currently, silver attempts to settle below the closing level seen on Friday. We expect the downside movement to continue as long as the metal is stable below 32.95.
The trading range for this week is among the key support at 29.15 and key resistance now at 34.00.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 31.05 | 30.75 | 30.10 | 29.75 | 29.15 |
| Resistance | 32.00 | 32.50 | 32.95 | 33.40 | 33.75 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 32.95, and take profit in stages at (31.45 and 30.30) and stop loss with 4-hour closing above 34.00 might be appropriate. | ||||
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