Midday Report
When we published morning technical report, Stochastic was on its way to draw a negative divergence and it was one of the catalysts that prevented us form suggesting a bullish scenario despite stabilizing above SMA 20 and SMA 50. Now, this aforementioned negative divergence succeeded in sending the metal violently downwards forming a long black candlestick structure. Furthermore, moving averages become under attack; whilst Stochastic still has downside targets to be reached. In result, the bearishness may continue over intraday basis; specifically if the metal succeeded in bearing the key support around 1703.00.
The trading range for today is among the key support at 1650.00 and key resistance now at 1785.00.
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 | 1698.00 | 1687.00 | 1673.00 | 1665.00 | 1650.00 |
| Resistance | 1707.00 | 1715.00 | 1728.00 | 1732.00 | 1735.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold with a sustained breakout below 1703.00 targeting 1650.00 and stop loss above 1740.00 might be appropriate. | ||||
Silver
Midday Report
Silver declined affected by the rising wedge bearish pattern in addition to the consolidation below the simple moving average 50. Our morning expectations remain as they are, supported by the mentioned pattern along with the relative strength index being stable below the 50-point level.
The trading range 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 | 31.25 | 30.95 | 30.50 | 30.30 | 30.00 |
| Resistance | 32.10 | 32.60 | 32.95 | 33.05 | 33.50 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 32.10, and take profit in stages at (30.30 and 29.55) and stop loss with 4-hour closing above 33.35 might be appropriate | ||||
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