Midday Report
Gold is still struggling between SMA50 and SMA100 as seen on the provided graph. Yesterday's positive daily closing above the pivotal level of 1702.00 is still negated by the clear overbought sign on Stochastic. Consequently, we keep our neutral stance unchanged for the rest of the day until the price actions assist us to predicate the upcoming direction.
The trading range for today is among the key support at 1635.00 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 | 1728.00 | 1715.00 | 1702.00 | 1695.00 | 1687.00 |
| Resistance | 1735.00 | 1745.00 | 1753.00 | 1763.00 | 1772.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move. Of note, risk versus reward ratio is too high. | ||||
Silver
Midday Report
Silver inclined to reach around the resistance level at 34.00, and then declined; however this decline was limited within areas above the Simple Moving Average 50 and also above the Ascending Triangle’s base. Therefore, our morning expectations remain valid.
The trading range for today is among the key support at 31.60 and key resistance now at 36.80.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
| Support | 33.40 | 33.05 | 32.95 | 32.60 | 32.10 |
| Resistance | 33.75 | 34.00 | 34.30 | 34.60 | 35.10 |
| Recommendation | Our morning expectations remain valid | ||||
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