Midday Report
The metal has moved towards our suggested selling areas during the previous session where just one dollar separated between the recorded high and our defined entry point. In the interim, Stochastic continues moving on its way towards overbought areas; therefore, our negative outlook remains valid for the rest of the day and breaching 1679.00 will confirm it. On the upside, any inclines should be capped below 1735.00 zones for intraday traders and below 1755.00 for short term traders.
The trading range for today is among the key support at 1627.00 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 | 1687.00 | 1679.00 | 1665.00 | 1645.00 | 1635.00 |
| Resistance | 1703.00 | 1707.00 | 1715.00 | 1728.00 | 1735.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
The metal is weakly biased to the upside until now, while the current upside move is only a correction, as the rising wedge pattern is still in effective especially when the metal is stable below 32.95. Therefore, our morning expectations remain as they are.
The trading range for today is among the key support at 29.55 and key resistance now at 33.50.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 31.60 | 31.25 | 30.95 | 30.50 | 30.30 |
| Resistance | 32.10 | 32.60 | 32.95 | 33.05 | 33.50 |
| Recommendation | Our morning expectations remain valid | ||||
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