Midday Report
Gold has declined approaching the sensitive areas between 1740.00 and 1735.00 where a negative crossover was activated over daily studies as seen on the subsidiary image. The candlesticks structure and the aforesaid crossover are major technical catalysts that encourage us to hold onto our bearish anticipations for the rest of the day. As we mentioned earlier, Stochastic over four-hour time scale may cause heavy fluctuation before the breakout below 1740.00 occurs and that is why you should be cautious.
The trading range for today is among the key support at 1703.00 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 | 1740.00 | 1735.00 | 1728.00 | 1715.00 | 1707.00 |
| Resistance | 1745.00 | 1753.00 | 1757.00 | 1765.00 | 1773.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1740.00 targeting 1695.00 and stop loss above 1767.00 might be appropriate. | ||||
Silver
Midday Report
Silver is stable below the level of 32.95, which supports the bearish technical structure shown above in red to remain effective; furthermore, Stochastic is negative, while the relative strength index was unable to consolidate above the 50-point level. Therefore, our weekly expectations remain valid.
The trading range for this week is among the key support at 29.15 and key resistance now at 35.10.
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 | 31.45 | 31.25 | 30.75 | 30.30 |
| Resistance | 32.95 | 33.40 | 33.75 | 34.00 | 34.60 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver around 32.95, 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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