Midday Report
The metal continued fluctuating with a bearish tendency below the morning hinted important level of 1755.00 and above the key support now at 1740.00 as seen on the provided graph. Stochastic is definitely negative and it may take gold to the downside, but we should see how it will behave around 1740.00 to define the next move. Therefore, our neutral stance remains intact for the rest of the day so long as 1755.00 and preferably 1765.00 remains intact.
The trading range for today is among the key support at 1673.00 and key resistance now at 1802.00.
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 | 1740.00 | 1735.00 | 1728.00 | 1715.00 | 1707.00 |
| Resistance | 1753.00 | 1765.00 | 1773.00 | 1785.00 | 1795.00 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Silver
Midday Report
The metal rebounded to the upside to currently trade above 32.95. Consolidation above this level suggests that positivity could continue for a period of time, but we depend on the resistance level at 33.75, which might be able to activate our bearish scenario again. Consolidation above this resistance could weaken our expectations over intraday basis.
The trading range today is among the key support at 30.30 and key resistance now at 34.60.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.
**New York Candlesticks**
| Support | 32.95 | 32.60 | 32.10 | 31.60 | 31.25 |
| Resistance | 33.50 | 33.75 | 34.25 | 34.60 | 35.10 |
| Recommendation | Our morning expectations remain valid | ||||
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