Midday Report
Gold didn't show any big move since morning, while trading continued within the sensitive areas between 1735.00 and 1740.00 as seen on the provided four-hour graph. Stochastic also continued moving downwards, suggesting that the bearishness will come back, but not before breaching 1728.00 zones to be confirmed. On the other side, area of 1765.00 should hold to protect our morning scenario.
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 | 1735.00 | 1728.00 | 1720.00 | 1715.00 | 1707.00 |
| Resistance | 1748.00 | 1753.00 | 1765.00 | 1774.00 | 1787.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold below 1728.00 targeting 1673.00.00 and stop loss above 1765.00 might be appropriate. | ||||
Silver
Midday Report
Silver inclined slightly to the upside, yet this incline remained within narrow levels below 38.2% Fibonacci correction around 32.95. Our morning expectations remain as they are, despite that Stochastic attempts to turn positive, as RSI is still stable below the 50-point level until now.
The trading range for today is among the key support at 29.55 and key resistance now at 33.75.
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 | 31.60 | 31.25 | 30.95 | 30.50 |
| Resistance | 32.95 | 33.05 | 33.50 | 33.75 | 34.25 |
| Recommendation | Based on the charts and explanations above, our opinion is selling silver below 32.95, and take profit in stages at (31.25 and 29.55) and stop loss with 4-hour closing above 33.75 might be appropriate | ||||
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