Midday Report
Gold couldn't achieve a confirmed breakout below 1705.00 as we didn’t witness a four-hour closing below this level despite recording 1704.00 as a low for the previous session. From this low gold inclined supported by SMA 20 and SMA 50, but we remind you that the hourly chart still offers the harmonic probability that pressures the metal negatively -check the morning report-. One more technical attempt to clear 1705.00 zones will fix the sign on Stochastic. Thereby, we still see chances for bearish actions for the rest of the day so long as areas of 1740.00 remain 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 | 1707.00 | 1703.00 | 1698.00 | 1687.00 | 1673.00 |
| Resistance | 1715.00 | 1720.00 | 1728.00 | 1732.00 | 1735.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold with a breakout below 1705.00 targeting 1650.00 and stop loss above 1740.00 might be appropriate. | ||||
Silver
Midday Report
Silver attempts to extend the upside move, but all the bullish attempts are still limited in areas below the several resistance levels at 32.10 and 32.95. Therefore, we expect the rising wedge pattern to affect the metal negatively, which in result drives us to hold onto our morning expectations as they are.
The trading range for this week 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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