Midday Report
As we promised this morning, we will introduce an intraday harmonic probability for intraday traders where the metal is presently forming the CD leg of a potential Gartley pattern as seen on the secondary image of the hourly time scale. The PRZ of this pattern reside at 1720.00 zones where we believe that bears may enter the market but they should send the metal below SMA 50 -main graph- to confirm the bearish outlook. Our negative scenario will be valid so long as 1737.00-1740.00 zones remain intact.
The trading range for today is among the key support at 1650.00 and key resistance now at 1740.00.
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 | 1707.00 | 1703.00 | 1698.00 | 1687.00 | 1673.00 |
| Resistance | 1715.00 | 1720.00 | 1728.00 | 1732.00 | 1735.00 |
| Recommendation | Our weekly expectations remain valid. | ||||
Silver
Midday Report
Silver is positively biased, yet this positivity is limited below the simple moving average 50, and also below 38.2% Fibonacci correction at 32.95. Therefore, our morning expectations remain as they are.
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.
**New York Candlesticks**
| Support | 32.10 | 31.75 | 31.45 | 31.25 | 30.75 |
| Resistance | 32.65 | 32.95 | 33.15 | 33.75 | 34.00 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (30.75 and 29.80) and stop loss with 4-hour closing above 33.40 might be appropriate | ||||
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