Midday Report
According to our morning scenario, Stochastic assisted the metal to reach the suggested entry point at 1720.00 and more fluctuation is expected during the coming session. But, the bearish outlook remains intact for the rest of the day due to stability below SMA 20 and SMA 50. Furthermore, Fibonacci of 38.2% may have the ability to renew the selling interests started at the pivotal resistance of 1755.00. Only a break of 1765.00 will give us a reason for concern.
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 | 1695.00 | 1687.00 | 1673.00 |
| Resistance | 1720.00 | 1728.00 | 1735.00 | 1748.00 | 1753.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Silver
Midday Report
Silver inclined slightly, but it is stable below the level of 32.95, and also the metal was not able to confirm the stability above the resistance level of 32.10. All these factors together drive us to hold onto our morning expectations as they are, especially when Stochastic is still negative.
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 | 31.60 | 31.25 | 30.95 | 30.50 | 30.30 |
| Resistance | 32.10 | 32.60 | 32.90 | 33.05 | 33.50 |
| Recommendation | Our morning expectations remain valid | ||||
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