Midday Report
Gold has slumped sharply under the influence of the negative pressure from SMA 20 and SMA 50 as seen on our graph of the four-hour time scale. Stochastic on its way to cause a mild upside correction but the closing below 76.4% is the major technical catalyst that encourages us to hold onto our bearish predictions for the rest of the day. Only a break of 1730.00 will give us a reason for concern.
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 | 1665.00 | 1645.00 | 1635.00 | 1627.00 | 1615.00 |
| Resistance | 1687.00 | 1695.00 | 1703.00 | 1707.00 | 1715.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1698.00 targeting 1650.00 and stop loss above 1730.00 might be appropriate. | ||||
Silver
Midday Report
Silver declined sharply affected by the bearish technical pattern in addition to the stability below the Moving average 50. Testing the level of 30.30 is possible, while Stochastic continues to provide more confirmations in regards to our expectations. Therefore, our morning expectations remain valid.
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 | 30.95 | 30.50 | 30.30 | 30.00 | 29.55 |
| Resistance | 31.60 | 32.10 | 32.60 | 32.95 | 33.05 |
| Recommendation | Our morning expectations remain valid | ||||
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